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Vornado Realty Trust Acquires 45% Stake In Mixed-use Property On Park Avenue For $875M

One Park Avenue
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This Mixed-use property located in NY was sold for $875,000,000 over 3 years ago. The brokers of the deal were Alana Bassen, Darcy Stacom, William (Bill) Shanahan, and Doug Middleton

One Park Avenue, a mixed-use office property located in the Gramercy market, has been sold in a recent transaction. The deal, which took place on July 21, 2021, involved the sale of a 45% interest in the property for a total value of $875,000,000. The buyer of this stake is Vornado Realty Trust, while the seller is Canada Pension Plan Investment Board (CPPIB). The transaction was facilitated by brokers Doug Middleton, Alana Bassen, Darcy Stacom, and William Shanahan from CBRE.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $875,000,000
  • Address: One Park Avenue
  • Market: Gramercy

The property at One Park Avenue is home to several notable tenants, including New York University, Bank of Baroda, Citibank, Equinox, Zibetto Espresso Bar, and Robert A.M Stern Architects. As part of the deal, Vornado Realty Trust paid a cash amount of $158 million to CPPIB. Additionally, Vornado Realty Trust assumed CPPIB's share of $525 million in existing debt on the property. This comprehensive deal values the mixed-use office property at approximately $875 million.

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Deals
  • Location
    41 Park Avenue, New York, NY 1001641 Park Avenue, New York, NY 10016
  • Sale Price
    $875,000,000$875,000,000
    $923 PPSF$923 PPSF
  • Area
    947,894 SF947,894 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    4 Brokers, 1 Agency4 Brokers, 1 Agency

Agents

Alana Bassen

Alana Bassen

Deals5
Sold$1.6B

Doug Middleton

Doug Middleton

Deals18
Sold$4.3B

Darcy Stacom

Darcy Stacom

Deals27
Sold$8.2B

Agency

CBRE

CBRE

Agency
Deals4229
Volume$184.3B

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Deal Summary

SALE IMAGE: Doug Middleton, Alana Bassen, Steve Roth 👑, Haim Chera, Darcy Stacom & William Shanahan DATE: 07/21/2021 ADDRESS: One Park Avenue MARKET: Gramercy ASSET TYPE: Mixed-use BUYER: @VornadoRealtyTrust SELLER: Canada Pension Plan Investment Board 🇨🇦 BROKERS: Doug Middleton, Alana Bassen, Darcy Stacom & William Shanahan @CBRE INTEREST PURCHASED: 45% TOTAL VALUE: $875,000,000 TENANTS: New York University, Bank of Baroda, Citibank, Equinox, Zibetto Espresso Bar, Robert A.M Stern Architects NOTE: The deal includes a cash payment of $158 million to CPPIB, and an assumption of CPPIB’s share of $525 million in existing debt on One Park Avenue, in total, the deal values the Mixed-use office property at Approx. $875M.

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One Park Avenue

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