Savanna pays $180M to AEW Capital Management for 360 Lexington Avenue

Savanna through the entity 360 Lexington Avenue Property Investors IV, LLC paid AEW Capital Management’s CPT 360 Lexington, LLC $180.0 million for the tax class tower-type office building (O4) at 360 Lexington Avenue in Grand Central. The deal closed on August 19, 2019 and was recorded on August 26, 2019. The parcel has total development potential of 238,294 square feet.
The average sale price per square foot is $755.
The estimated cap rate is 3.5%
The last time the property sold was August 07, 2008, for $129,500,000.

Over the past five years, there have been 47 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 47 renovation/alteration projects (A2) applied for with a total estimated value of $6,648,993.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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