(MILAN, ITALY) – Cariplo Pension Fund, along with advisor Hines, announced today the sale of the 10 East 53rd St. office building in New York City, currently the headquarters building of Harper Collins. The 37-story, 388,000-square-foot property, completed in 1972, occupies a prestigious midtown location between 5th Avenue and Madison Avenue, with views of Central Park.
The sale price was $252.5 million, generating a sizeable return on investment to the fund. The buyer was SL Green Realty Corp., a NYSE-listed real estate firm. Hines Italia SGR, the firm’s Italian fund management arm, and Hines’ New York office, in a joint effort, assisted Cariplo through the strategic disposal decision, direction of the private-placement bid process and buyer selection. CBRE’s New York office marketed the asset on behalf of the advisors.
Mario Boselli, chairman of Cariplo Pension Fund, commented, “The sale process permitted us to achieve significant results with a transparent and fast process.”
Manfredi Catella, chairman and managing director of Hines Italia SGR, said, “Hines was thrilled to bring a multi-national team together to assist Cariplo with this gem of an asset. We operate in more than 100 cities worldwide, and our local professionals know their markets extremely well.”
Tommy Craig, senior vice president in charge of the Hines New York office, stated, “This transaction owes its success to the effective cross-border collaboration between the two Hines offices in New York and Milan as well as with CBRE.”
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 1,147 properties representing more than 462 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 108 cities in 18 countries, and controlled assets valued at approximately $23.4 billion, Hines is one of the largest real estate organizations in the world.
Visit www.hines.com for more information.