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Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue in Manhattan for $519 Million.

NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 -- Morgan Stanley To comply with Wikipedia's , the introduction of this article needs a complete rewrite.  Real Estate announced today that its Prime Property Fund[R] has acquired 2 Park Avenue in Midtown Manhattan from a joint venture between L&L Holding Company, LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 and its institutional partner for $519 million. L&L Holding Company, LLC will maintain a minority position in the property and will continue as the leasing and managing agent for the property.

"The acquisition of 2 Park Avenue, with its institutional quality tenants, represents a unique opportunity to invest in the Manhattan office market, which is characterized by high barriers to entry, strong demand and limited new supply," said Dave Hardman Dave Hardman (born September 13, 1960) is a pornographic actor and member of the AVN Hall of Fame.[1] Awards
  • 1997 XRCO Award winner – Unsung Swordsman[2]
  • 1998 AVN Award winner – Best Supporting Actor in a Video[3]
, Managing Director and Head of U.S. Real Estate Investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , Morgan Stanley. "With Midtown Manhattan's vacancy at 4.4 percent, the lowest of any submarket in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , we believe we have acquired a high-quality, well-located asset in a market poised for material rental rate growth over the next several years."

2 Park Avenue contains 1 million square feet and is currently 95 percent leased to multiple tenants. Originally built in 1928 and renovated in 1989 and 2006, 2 Park Avenue is an architecturally significant building from the Art Deco art deco (ärt dĕkō`; är dākō`, ärt) or art moderne (är môdĕrn`, ärt)  era designed by Ely Jacques Kahn Ely Jacques Kahn (1884 - 1972) was an American commercial architect most active in New York City between 1925 and 1931.

Kahn was born in New York, the only son of a prosperous Austrian and French Jewish family. He attended Columbia University.
. The building appeals to a variety of tenants given the varied floor plate size. Located on Park Avenue between 32nd and 33rd Streets, the building is a convenient 10-minute walk to Grand Central Station and Pennsylvania Station and has a subway entrance just outside the building. Amenities include the Artisanal Fromagerie & Bistro, a 43-car parking garage and two banks.

PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, Morgan Stanley has acquired $102.0 billion of real estate assets worldwide and currently manages $60.5 billion in real estate assets on behalf of its clients. In addition, Morgan Stanley Real Estate provides a complete range of market-leading investment banking services to its clients, including advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. Morgan Stanley is also a global leader in real estate lending and, using its own capital, originated $35.5 billion in commercial mortgages in 2006. For more information about Morgan Stanley Real Estate, go to www.morganstanley.com/realestate.

Morgan Stanley (NYSE NYSE

See: New York Stock Exchange
: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
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Publication:Business Wire
Date:Jan 8, 2007
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