Boston Properties pays $300M to Empire Asset for office building in Flatiron District

360 Park Avenue South (Credit: Google)

Boston Properties through the entity 360 PAS Owner LLC paid $300 million to Empire Asset Management through the entity 360 Park South Delaware Associates, LLC for the office building (O4) at 360 Park Avenue South in Flatiron District, Manhattan. The finance the purchase, Boston Properties signed a $220 million senior acquisition loan with Bank of New York Mellon.

The deal closed on December 14, 2021 and was recorded on December 30, 2021.
The property has 389,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $771 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Empire Asset Management was Jason Pizer. The signatory for Boston Properties was James J. Magaldi.

The Real Deal reported earlier this year that Boston Properties would buy the building. Commercial Observer reported that two unnamed joint venture partners co-own the building with Boston, which has a 42 percent interest in the building. CBRE’s Darcy Stacom, Bill Shanahan and Doug Middleton brokered the sale.
Within a 400-foot radius of 360 Park Avenue South, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 4, 2021 for the $4.9 million renovation of 233,891-square-foot B building with no residential units at 345 Park Avenue South.
Of those three items, two were loans above $5 million totaling $87 million. The most recent of the two was JD Carlisle Development which borrowed $24.0 million from John Hancock Life Insurance secured by the 185,000-square-foot, 17-unit office building (O3) on 53 East 25th Street on December 14, 2020.

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