Durst to market 825 Third?The Durst Organization will soon market the Random House Building in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Real Estate Alert, a weekly update on institutional buying opportunities. The report says that Durst has retained Insignia/ESG to market the 507,000-SF property located at 825 Third Ave. Bids could approach $400/SF, or $203 million, reported the article. Random House has a 20-year lease for space inside the building, which was renovated in 1991. Random House reportedly pays approximately $25/SF, though several scheduled rent increases are included in the lease. Real Estate Alert reports that Random House sublets some of its space to Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. and telecom firm RCN RCN n abbr (= Royal Canadian Navy) → kanadische Marine .
Durst is expected to plow profits from the sale of 825 Third Ave. into a new purchase via a tax-deferred "1031" exchange, according to the article. Insignia/ESG declined to comment on the report. |
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