Upscale Manhattan property purchased by Istithmar for $1.2 billion
The acquisition of prestigious New York City property 280 Park Avenue was recently undertaken by Dubai-based investment house Istithmar for the price of $1.2 billion from real estate investment trust, Boston Properties.
Located on the upscale Park Avenue in Manhattan, the property consists of approximately 1.2 million square feet, according to Gulf News. Boston Properties will continue to serve as property manager and leasing agent for the building, which it had acquired in 1997.
The acquisition is the company's second since last November, when Istithmar purchased another prestigious Park Avenue Property, nearby 230 Park Avenue.
"280 Park Avenue is an internationally recognized, prime landmark property in Manhattan, one of the world's largest real estate markets. Moving ahead, we remain bullish about key gateway cities like New York and London as well as select emerging markets," explained Istithmar's chief executive, Muneef Tarmoom.
David Jackson, chief investment officer, Istithmar PJSC added that "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."