499 Park Avenue and 425 Lexington Offered for Investment - Hines

499 Park Avenue and 425 Lexington Offered for Investment

Prime NYC Office Asset Opportunity Unveiled

(NEW YORK) – The New York office of Hines, the international real estate firm, announced today that it has retained both Eastdil Secured and CBRE Group, Inc. to market for sale in a collaborative process two of Midtown Manhattan’s premier office buildings, 499 Park Avenue and 425 Lexington Avenue.

“499 Park Avenue, also referred to as the Black Diamond, and the statuesque 425 Lexington Avenue, home to the world headquarters of law firm Simpson Thatcher & Bartlett LLC, offer investors an unparalleled combination of boutique and corporate excellence,” said Darcy Stacom, CBRE vice chairman.

“These two Hines trophies present a rare opportunity to be acquired as a portfolio, or individually, and should command worldwide attention,” said Eastdil’s Senior Managing Director Douglas Harmon.

The buildings are being marketed on behalf of the owner, Hines U.S. Core Office Fund.

“We have had outstanding success with these two assets over the last 10 years in terms of investment performance, and the interest we expect both locally and

globally only reinforces our continuing commitment to New York City as the world’s preeminent global real estate location,” said Hines’ Senior Managing Director for the New York office, Tommy Craig.

499 Park Avenue, designed by I.M. Pei, is one of New York’s finest boutique trophy office towers. The property is 28 stories of sleek black glass and totals approximately 300,000 square feet of prime office and retail space. Its location is irreplaceable at the southeast corner of 59th Street and Park Avenue, at the convergence of Manhattan’s two foremost submarkets, Plaza District and Park Avenue. Built in 1980, the building has consistently garnered some of the highest rental rates in the city and has attracted leading boutique firms that seek the prestige and elegance of a Park Avenue address. They are also drawn to the tower’s ideal floor sizes of 11,000 square feet, as well as its protected views of Central Park and the Upper East Side.

One of the Grand Central market’s newest and most prominent buildings, 425 Lexington Avenue, built in 1987, is a 31-story office tower containing 750,000 square feet of office and retail space. The building is currently 100 percent leased to Simpson Thatcher & Bartlett LLC and CIBC. Offering optimal floor plates ranging from 18,000 to 36,600 square feet, the building provides a rare Manhattan amenity—gardened terraces on the 7th, 8th and 9th floors.

 425 Lexington Avenue occupies the entire easterly block front between 43rd and 44th streets, and is situated directly across from Grand Central Terminal and the world-renowned Chrysler Building.

In addition to Eastdil Secured’s Harmon and CBRE’s Stacom, Adam Spies and Kevin Donner of Eastdil Secured, and Bill Shanahan and Paul Gillen of CBRE, will be instrumental in the marketing effort.

About CBRE Group, Inc. 

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).

The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

About Eastdil Secured

Eastdil Secured is the preeminent real estate investment banking company that uniquely combines capital markets expertise with an in-depth understanding of real estate fundamentals to execute a wide range of real estate transactions to meet the needs of our clients.

Eastdil Secured, a subsidiary of Wells Fargo Bank (NYSE: WFC), is one of the most active investment property sales, debt placement and commercial mortgage sales firms in the country. Eastdil Secured is also a leader in raising debt and equity in the public markets and raising private equity and entity recapitalizations through its broker dealer affiliate, Wells Fargo Securities. The firm has offices in New York, Los Angeles, San Francisco, San Diego, Dallas, Washington D.C., Chicago, Atlanta, Richmond, Irvine, San Jose, Boston, London and Hong Kong.

About Hines

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

499 Park Avenue

425 Lexington

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Gustav Mahlerplein 28
Amsterdam, NH 1082 MA
Netherlands
31 6 30 70 81 29

Nordic Countries

Forbindelsesvej 4
Copenhagen 2100
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900