450 Park Avenue

New York, NY

Square Footage: 335,000 sf
Construction: 1972
Architect: Emery Roth & Sons
Date Acquired: October 2007
Date Sold: February 2014
Location: Plaza District, New York City

Somerset purchased this asset, prominently located at the southwest corner of Park Avenue and 57th Street, in partnership with an offshore family trust.  The 33-story building contains approximately 335,000 of rentable square feet of office and retail space.  With 11,000 SF floor plates, the building is ideally suited to top-tier financial advisory boutiques and investment firms that covet the prestige and security  of full-floor occupancy. The preeminent location provides unparalleled quality of life and proximity to transportation, restaurants and shopping. During the hold period, Somerset worked to strengthen 450 Park’s position in the market by upgrading tenant services and amenities, developing a suite of pre-built offices, and populating the plaza and retail base. At the time of sale, the retail was successfully repositioned with the world’s third largest art auction house, Phillips de Pury & Company occupying the lower level space.  In addition, the building’s upper floor offices were well positioned to continue to attract the highest rents per square foot in Manhattan.