Istithmar completes acquisition of 280 Park Avenue
Istithmar PJSC, a major investment house based in the UAE, has completed the acquisition of 280 Park Avenue. This follows Istithmar’s acquisition of 230 Park Avenue in November last year. The New York City trophy property was purchased from Boston Properties, a real estate investment trust, for approximately $ 1.2 billion.
Located on the stately, handsome and imposing Park Avenue in the heart of Midtown Manhattan, the property consists of approximately 1.2 million square feet. Boston Properties acquired the property in 1997 and will continue to serve as property manager and leasing agent.
Commenting on the deal, Muneef Tarmoom, Chief Executive Officer said: “280 Park Avenue is an internationally recognized, prime landmark property in Manhattan – world’s largest real estate market. Moving ahead, said Tarmoom, “we remain bullish about key gateway cities like New York and London as well as select emerging markets.”
David Jackson, Chief Investment Officer, Istithmar PJSC said: “Park Avenue is the hub of global operations. 280 Park Avenue is a particularly attractive corporate location. Within the real estate sector, Istithmar targets projects that are positioned to experience long-term, substantial capital appreciation.”
Mortimer B. Zuckerman, Chairman of Boston Properties said: “We were delighted to work with Istithmar on this transaction and we look forward to a long relationship with them.”