Hines Hired to Provide Ongoing Asset and Property Management Services
(NEW YORK) – Hines, the international real estate firm, along with partners Pacolet Milliken Enterprises, Inc. and institutional investors advised by J.P. Morgan Asset Management, announced today that it has closed on the sale of the building at 7 Bryant Park to an institutional investor. Phillips Lytle and Proskauer advised on the transaction. Financials on the deal were not disclosed.
Hines has assumed on-site property management responsibilities, and CBRE has been selected as the exclusive leasing agent for the property. Currently, floors 15-27, and the first-floor retail space fronting West 40th Street, are available for lease. The building achieved substantial completion at the end of April and is ready for tenant interior build outs.
Hines Senior Managing Director Tommy Craig said, “We are very proud of the project and know it will be not only a great new home for future tenants, but a great investment for the new owner. We are pleased to stay involved with the property and look forward to working with CBRE to fill the remaining prime office space with top-quality, discerning tenants.”
7 Bryant Park, located between West 39th and 40th streets on the site of the former 1045 Avenue of the Americas, includes 10-foot finished ceilings and full-height clear vision glass. The building provides direct access to the B, D, F, M and 7 Subway lines, and is located within a five-minute walk to New York City’s major transit hubs—Grand Central, Penn Station and Port Authority. The building is LEED® Gold Pre-certified, and will incorporate the infrastructure and technology tenants require for their businesses to excel in the 21st century.
The 30-story, approximately 470,000-square-foot steel and glass tower was designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners. The orientation of the steel and glass tower capitalizes on direct views over the park and past the historic New York Public Library. The building’s entrance façade is punctuated by a concave sculptural detail which cuts into the building in an hourglass shape, distinguishing the design and creating unique feature windows on every tenant floor. A floating stainless steel disc, measuring 46 feet in diameter, is suspended over the corner entrance at 40th Street, serving as both a canopy and an architectural gesture facing the park, creating a memorable welcome point for tenants and their visitors.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $82 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of December 31, 2014. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets
**About Pacolet Milliken Enterprises
**Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company with a history that dates back, through Milliken & Company, to the 1860s. In addition to urban office properties, multifamily, retail and medical facilities development, Pacolet Milliken has divisions that operate regulated and merchant utility businesses and income real estate in the southeast U.S.
7 Bryant Park