NEW YORK — Monday Properties, in partnership with Dallas-based Invesco Real Estate, has sold 230 Park Avenue to RXR Realty for $1.2 billion. The 34-story, 1.4 million-square-foot property, known as the Helmsley Building, is one of the largest office building sales transactions year to date in New York City.
“When we purchased 230 Park Avenue, our vision was to elevate one of the most historic and visible New York City office buildings into an energy-efficient, modern trophy property,” says Anthony Westreich, chairman and CEO of Monday Properties. “We are delighted not only with the return on the investment, but that we had the opportunity to contribute to the building’s iconic status and leave a lasting legacy that will benefit the community.”
As an owner and operator of 230 Park Avenue since 2002, Monday managed an extensive capital campaign of approximately $200 million to reposition the building. This program included several interior restoration projects including improvements to the lobby, restrooms, common corridors and custom wall coverings, as well as exterior improvement projects to refurbish the walkways and install a façade lighting system that features 700 LED luminaires.
In addition, Monday worked with the Landmarks Preservation Commission to renovate all passenger elevator cabs and visitor welcome centers. The HVAC system was overhauled throughout the building and the electrical service for the property was upgraded. Monday Properties also undertook a series of renovations to improve energy efficiency and carbon emissions.
Whitney Warren and Charles Wetmore, a pair of architects who gained prominence for their design of Grand Central Terminal, designed and constructed 230 Park Avenue. The property was built in 1929 as the headquarters of the New York Central Railroad Co. and features a one-of-a-kind cupola at the top of the building.
Today, the asset is 94 percent occupied to tenants that include Swiss Re, Voya Financial, Clarion Partners and Reed Elsevier.
With the sale of 230 Park Avenue, Monday Properties has completed more than $12 billion in transactions over the past decade. Founded in 1998, the real estate investment firm has a presence in New York City and the greater Washington, D.C. metropolitan area.
Invesco Real Estate manages $64 billion global investments in real estate, real estate securities including equity and debt, infrastructure securities and master limited partnerships.
RXR Realty is a private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing.
— Danielle Everson