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Durst to market 825 Third?

The Durst Organization will soon market the Random House Building in Midtown, according to 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 and telecom firm RCN.

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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Title Annotation:Insignia/ESG will market Random House Building for Durst Organization
Author:Chapman, Parke
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 22, 2002
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