NEW YORK CITY — Monday Properties and Dallas-based Invesco Real Estate have completed the recapitalization of 230 Park Avenue, one of New York City’s landmark buildings. Known previously as the Helmsley Building, New York General Building and the New York Central Building, the 34-story, 1.4 million-square-foot office property straddles Park Avenue atop the Grand Central Terminal.
Monday Properties has managed 230 Park Avenue since 1998 and purchased the building in 2007. The partnership will complete the property’s repositioning, initiated by Monday Properties in 1998. Monday Properties will be the operating partner within the partnership and will continue to be the managing and leasing agent.
“The market consistently rewards the property for delivering exceptional service in a unique, landmark environment,” said Anthony Westreich, president and chief executive officer of Monday Properties. “We will continue that focused plan and be an outstanding choice for our tenants and our partner.”
The building’s current tenants include national and global firms such as: ING, Tokio Marine Management, Novartis, Simon Property Group, Otterbourg, Steindler, Houston & Rosen P.C. and Lathrop & Gage. The property also is New York City’s first pre-war office building to obtain LEED-EB [Existing Building] Gold.
Since 2002, Monday Properties has completed more than $8.5 billion in transactions representing 18.9 million square feet. Invesco Real Estate manages $39.7 billion of real estate investments, which includes $24.4 billion in direct real estate portfolios and $15.3 billion in real estate securities (as of March 31, 2011).
Invesco’s involvement is a long-term investment with Monday Properties, and represents the largest single-asset investment the firm has made. The parties involved declined further comment on the financial terms of the recapitalization and the scope of the repositioning.
Jonathan G. Geanakos, managing director and co-head of real estate, lodging & leisure of Houlihan Lokey, advised Invesco in the proceedings.
— Dan Marcec