Max Capital pays $775m for buildings within 10 days: Park Ave Atrium brings $455m.

Max Capital Management Corp. has paid $775 to buy two prominent city buildings in 10 days.

Last week, the company paid $320 million in a deal to purchase 450 West 33rd Street, the prominent 1.7 million SF, 16-story home to several major media corporations, including the Associated Press.

Then on Monday, Max Capital purchased 237 Park Avenue from Oak Hill Strategic Partners for $455 million. Max Capital had managed the property since Oak Hill's 1999 acquisition and had retained a small minority ownership.

Speculation exists that Max Capital might try to enlarge the 21-story, 1.2 million SF building near Grand Central terminal into a 50-story, 2 million SF structure.

The Park Avenue sale proved a bargain for Max Capital CEO Adam Hochfelder, who purchased the property for $379 a SF while just last week Boston Properties paid $600 a SF for 399 Park Avenue Building, according to published reports.

In the sale of 450 W. 33rd, Hochfelder bought out his original co-investors, Angelo Gordon Co. and the Lonestar Fund, at $188 per SF.

"We're very big believers in the West Side redevelopment and this asset is right in the heart of the West Side redevelopment program," Hochfelder said. "We think it's the last untapped growth area in New York City."

Max Capital was represented in the W. 33rd St. sale by Fried, Frank, Harris and Shriver. Eastdil Realty exclusively marketed the property.

The media specialty building's total floor size is bigger than a combination of one football field, one hockey rink, three basketball courts and 22 boxing rings combined, according to Max Capital's Web site. Tenants include the AP; WNET/13, a public television station; the New York Daily News and U.S. News and World Report.

"(With) column spacing, huge floorplates and ceiling height, it's really an ideal media structure," Hochfelder said.

Built in 1967 and renovated in 1991, the building features a double-height lobby and floorplates ranging from 100,000 to 120,000 SF.

In June, the AP finalized plans to move to 450 W. 33rd St. from its Rockefeller Center headquarters, where the news organization had remained for 65 years.

The AP leased 290,773 SF at 450 W. 33rd, comprising floors 14 through 16 and space on the building's mezzanine and basement levels.

The 15-year, $170 million lease ranked No. 4 by square feet on CoStar's Top Office Leasing Deals for the first half of 2003. Much of the space was once occupied by Internet marketer DoubleClick, whose workforce steadily shrank after the dotcom collapse.

Max Capital officials reported the AP would be able to provide its employees with several appealing amenities, such as athletic facilities, an outdoor terrace, a health club and a cafeteria.

In May, another prominent entity, St. Vincent's Catholic Medical Center, leased more 104,000 square feet at 450 W. 33rd to centralize its business functions.

The building has three office spaces available for lease, including a 117,235 SF space on the eighth floor, a 36,701 SF area on part of the seventh floor and a 109,173 SF space on the 10th floor. Hochfelder said Max Capital is asking $32 per SF for each space.

Max Capital Management maintains a portfolio of more than 8 million SF of commercial property with a value in excess of $2.7 billion, according to the company's Web site. In addition to the two acquisitions, the company owns buildings at 230 Park Ave., 1440 Broadway and 350 Madison Ave.