Partners pay $510m for Park Ave. tower.Somerset Somerset, cities, United States Somerset. 1 City (1990 pop. 10,733), seat of Pulaski co., S Ky., in a farm, coal, and limestone area of the Cumberland foothills; inc. 1810. Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has confirmed its purchase of 450 Park Avenue, the 33-story, 325,000 s/f Class-A office building, owned by Taconic Investment Partners and 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 State Common Retirement Fund. The price is reported to be $510 million. Developed by Peter Sharp and designed in 1972 by the architectural firm An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. of Emory Roth and Sons, 450 Park is located at the southwest corner of East 57th Street and Park Avenue. Somerset principals Keith Rubenstein and Marshall Allan headed the transaction for the buyer; Douglas Harmon, senior managing director of Eastdil Secured, represented the seller. The sale is expected to close around September 10. Taconic and New York State Common Retirement Fund bought 450 Park Avenue over five years ago. Then, through its property management arm, Taconic Management Company LLC, they undertook a $12 million enhancement program that encompassed modernizing all building systems and completely revamping the lobby and plaza, as well as all common areas. For Somerset Partners, the purchase is another in a series of acquisitions based on prime locations and timeless timeless, adj infinite, enduring, endless. architecture. Somerset believes that these two fundamentals will enable its portfolio to continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the market. Earlier this year, Somerset Partners garnered headlines when it sold one of its trophy properties, 85 Tenth Avenue in Manhattan, to Related for approximately $430 million. "We are strong believers in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office market in general, but even stronger believers in the location of 57th Street and Park Avenue," remarked Rubenstein. "Once we were able to identify an asset combining great architecture, a prime location, terrific views, efficient floor plates, along with a great retail component and a strong tenant profile, we moved decisively. We are confident that 450 Park Avenue will be recognized as one of the premier office buildings in the world." |
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