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SHORENSTEIN ACQUIRES CONTROLLING INTEREST IN TWO OFFICE TOWERS

NEW YORK CITY — San Francisco-based Shorenstein Properties has acquired a 94 percent controlling interest in the entity that owns two Manhattan, New York City, high-rise towers. The first property is Park Avenue Tower, a 36-story office tower located at 65 E. 55th St. The building contains 615,857 square feet, and is currently 97 leased to a tenant roster that includes Paul Hastings, Davidson Kemper Capital Management, King Street Capital Management and Oak Hill Capital Management. The second property is 850 Third Avenue, a 21-story, 613,664-square-foot office tower. Major tenants at the building, which is 92 percent leased, include Discovery Communications, Shearman & Sterling and Citibank. Shorenstein acquired the interest for an undisclosed amount on behalf of its investment fund, Shorenstein Realty Investors Nine LP.

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