MHP Real Estate Services is the new owner of 850 Third Avenue, a 614,000-square-foot Midtown East office building for which it paid $460 million.

The seller, Shorenstein Properties, paid $300 million for the 21-story building in 2008. The property, once part of the Equity Office portfolio and briefly owned by Harry Macklowe, hit the market in early 2015.

MHP, formerly known as Murray Hill Properties, acquired it in an off-market deal for just over $718 per square foot. The property, located between 51st and 52nd streets, comes with a cap rate of between 3 and 4 percent, a source told TRD. A JLL team was marketing the building.

Tenants include the media companies Discovery Communications and Radio One and the city of New York.

The building was once part of the Equity Office portfolio that investor Harry Macklowe bought for $7 billion in 2007 and then famously defaulted on after the market crashed. The portfolio included the Park Avenue Tower at 65 East 55th Street and was a key part of “The Liar’s Ball,” Vicky Ward’s book on the GM Building. [NYO] — Konrad Putzier

 

Source: MHP pays 0M for 850 Third Avenue