Content area
Full text
In a bullish sign for the stagnant Midtown Manhattan office market, two large buildings are close to going under contract.
Jamestown Management is negotiating to buy the 2 million-square-foot tower at 1290 Avenue of the Americas from Metropolis Trust for about $700 million, or $350/sf.
Meanwhile, Rodamco took final bids Friday for the 500,000-sf building at 745 Fifth Avenue. The top bids came in north of $260 million, or $520/sf - about $10 million more than originally expected.
The five highest bidders were Paramount Properties, RFR Holdings, Westbrook Partners, Eric Hadar's Allied Partners and Vornado Realty. All are based in New York except Vornado, which is located in Paramus, N.J. A winner is likely to be selected soon.
The cost and availability of...