GLENDALE, CA -- (Marketwired) -- 07/08/13 -- American Realty Advisors, a leading provider of real estate investment management services to institutional investors, announced today the acquisition of 499 Park Avenue, a 28-story office building, dubbed the "Black Diamond," located at one of the city's most desirable corners in the highly-prized Plaza District of midtown Manhattan.
This 303,000 square-foot building, developed in 1980 and designed by renowned architect I.M. Pei, offers spectacular views, modern and efficient functionality, and floorplate sizes ideal for mid-sized tenants seeking a high-profile and iconic address. The building has attracted and retained some of New York's most prominent firms.
499 Park Avenue is one of Manhattan's elite office properties, located on Park Avenue at the southeast corner of 59th Street, at the entry to Manhattan's affluent Upper East Side. In addition to the coveted Park Avenue address, the property features an unrivaled amenity base surrounded by premier retail, hotel and residential offerings. The asset is 91.8% leased and houses a diversified roster of high-end tenants.
American has selected CBRE Group, Inc., as the exclusive leasing agent for 499 Park Avenue. CBRE's Paul J. Amrich, Neil V. King III, Patrice Meagher and James C. Ackerson will market the property on behalf of American.
"We are honored to have been selected as the leasing agent for this truly iconic property. The prime location on the upper end of Park Avenue melds with the impeccable architecture to create a combination that cannot be replicated," said Mr. Amrich. "499 Park Avenue marks American Realty Advisors' first acquisition, on behalf of its clients, in Midtown Manhattan, and we look forward to assisting them in continuing to keep this top trophy asset at the forefront of New York's tenant and brokerage community."
American's EVP/Executive Managing Director, Kirk Helgeson, stated, "The acquisition of 499 Park Avenue is a key component of American's core investment strategy to bring our investors high-quality and uniquely-positioned assets with strong demand growth potential over the long-term. We expect that the property's prime location, timeless architecture, transit accessibility, and walkable world-class amenities will continue to attract top-tier tenants and to identify 499 Park Avenue as their Midtown address of choice."
CBRE Capital Markets Darcy Stacom and Bill Shanahan represented the seller in the sale of 499 Park Avenue.
American Realty Advisors
American is an investment advisor, and a leading provider of real estate investment management services to institutional investors. With over $5.3 billion in assets under management, American has provided real estate investment management services to institutional investors for over 25 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide, all of which are managed on behalf of American's clients. Information regarding American can be found at www.americanreal.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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