Blackstone reportedly purchases NYC office building for $750M


The Park Avenue Tower in midtown Manhattan has about 616K square feet and the seller is San Francisco-based Shorenstein Properties, reports Bloomberg.

Law firm Paul Hastings LLP leases 16 of the building's 35 floors, but is vacating in 2016, giving Blackstone the opportunity to raise rents, say two sources. Another occupant is hedge fund Davidson Kempner Capital Management, and it too reportedly has plans to move.

Blackstone (BX +1.3%) nearly bought Park Avenue Tower in 2007 as part of its bell-ringing Equity Office Properties Trust purchase, but arranged for developer Harry Macklowe to buy it and six other NYC buildings alongside the deal's close. Macklowe subsequently defaulted and Shorenstein purchased the building in 2008 for about $625M.

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