Newmark Arranges $360M Sale of Two Park Avenue Office Tower
Newmark Group (NASDAQ: NMRK) has arranged the $360 million sale of Two Park Avenue in Manhattan, marking the largest advisor-led office transaction in New York City in 2024. Morgan Stanley sold the property to Haddad Brands, which plans to occupy part of the one-million-square-foot building and lease the remainder.
The 29-story Class A art deco building, located near Grand Central and Penn Station, features amenities including a 27th-story penthouse lounge, outdoor terrace, ground-floor lobby, conference center, and bike parking. The transaction aligns with a growing trend of occupiers becoming owners, with occupier-owner transactions increasing 36% year-to-date through Q3, as companies opt to purchase properties at discounts rather than lease.
Newmark Group (NASDAQ: NMRK) ha organizzato la vendita di Two Park Avenue a Manhattan per 360 milioni di dollari, segnando la più grande transazione di uffici guidata da un consulente a New York City nel 2024. Morgan Stanley ha venduto la proprietà a Haddad Brands, che prevede di occupare una parte dell'edificio di un milione di piedi quadrati e affittare il resto.
L'edificio in stile art deco di 29 piani, situato vicino a Grand Central e Penn Station, offre servizi tra cui un lounge al 27° piano, una terrazza all'aperto, un atrio al piano terra, un centro conferenze e un parcheggio per biciclette. La transazione si allinea a una crescente tendenza in cui gli occupanti diventano proprietari, con un aumento del 36% delle transazioni occupanti-proprietari fino ad oggi, attraverso il terzo trimestre, mentre le aziende scelgono di acquistare proprietà a prezzi scontati piuttosto che affittare.
Newmark Group (NASDAQ: NMRK) ha organizado la venta de Two Park Avenue en Manhattan por 360 millones de dólares, marcando la transacción de oficinas liderada por un asesor más grande en la ciudad de Nueva York en 2024. Morgan Stanley vendió la propiedad a Haddad Brands, que planea ocupar una parte del edificio de un millón de pies cuadrados y arrendar el resto.
El edificio de 29 pisos de estilo art déco, ubicado cerca de Grand Central y Penn Station, cuenta con comodidades que incluyen un salón en el penthouse en el piso 27, una terraza al aire libre, un vestíbulo en la planta baja, un centro de conferencias y estacionamiento para bicicletas. La transacción se alinea con una creciente tendencia de que los ocupantes se conviertan en propietarios, con un aumento del 36% en las transacciones de ocupantes-propietarios hasta la fecha, a través del tercer trimestre, ya que las empresas optan por comprar propiedades a precios de descuento en lugar de arrendar.
뉴마크 그룹 (NASDAQ: NMRK)가 맨해튼의 투 파크 애비뉴 매각을 위해 3억 6천만 달러를 조정하였으며, 이는 2024년 뉴욕시에서 자문 주도 사무실 거래 중 가장 큰 규모입니다. 모건 스탠리가 이 부동산을 하다드 브랜드에 판매하였고, 하다드 브랜드는 100만 평방피트 규모의 건물 일부를 점유하고 나머지를 임대할 계획입니다.
그랜드 센트럴과 펜역 근처에 위치한 29층 클래스 A 아트 데코 건물은 27층 펜트하우스 라운지, 옥외 테라스, 1층 로비, 회의 센터, 자전거 주차 등 다양한 편의 시설을 갖추고 있습니다. 이번 거래는 점점 더 많은 점유자가 소유자가 되는 추세와 일치하며, 올해 3분기까지 점유자-소유자 거래가 36% 증가되었습니다. 기업들이 임대보다 할인된 가격에 부동산을 구매하기를 선택하고 있습니다.
Newmark Group (NASDAQ: NMRK) a organisé la vente de Two Park Avenue à Manhattan pour 360 millions de dollars, marquant la plus grande transaction de bureaux dirigée par un conseiller à New York en 2024. Morgan Stanley a vendu la propriété à Haddad Brands, qui prévoit d'occuper une partie du bâtiment d'un million de pieds carrés et de louer le reste.
Le bâtiment de 29 étages de style art déco, situé près de Grand Central et de Penn Station, dispose de commodités telles qu'un salon au dernier étage au 27e étage, une terrasse extérieure, un hall au rez-de-chaussée, un centre de conférence et un stationnement pour vélos. La transaction s'inscrit dans une tendance croissante où les occupants deviennent propriétaires, les transactions occupants-propriétaires ayant augmenté de 36 % depuis le début de l'année jusqu'au troisième trimestre, les entreprises optant pour l'achat de propriétés à prix réduits plutôt que pour la location.
Newmark Group (NASDAQ: NMRK) hat den Verkauf von Two Park Avenue in Manhattan für 360 Millionen US-Dollar organisiert, was die größte beratungsgeführte Bürosituation in New York City im Jahr 2024 markiert. Morgan Stanley verkaufte die Immobilie an Haddad Brands, das plant, einen Teil des millionen Quadratfuß großen Gebäudes zu beziehen und den Rest zu vermieten.
Das 29-stöckige Bürogebäude im klassizistischen Art-Deco-Stil, das sich in der Nähe von Grand Central und Penn Station befindet, bietet Annehmlichkeiten wie eine Lounge im Penthouse im 27. Stock, eine Außen-Terrasse, eine Lobby im Erdgeschoss, ein Konferenzzentrum und Stellplätze für Fahrräder. Die Transaktion steht im Einklang mit einem wachsenden Trend, dass Nutzer zu Eigentümern werden, wobei die Anzahl der Nutzer-Eigentümer-Transaktionen bis heute bis zum dritten Quartal um 36 % gestiegen ist, da Unternehmen sich entscheiden, Immobilien zu ermäßigten Preisen zu erwerben, anstatt zu mieten.
- Successfully brokered largest NYC office transaction of 2024 at $360M
- Transaction demonstrates Newmark's ability to execute major deals in challenging market
- Reflects growing business trend of occupier-owner transactions, up 36% YTD
- None.
Insights
The
The deal's pricing metrics are particularly noteworthy, implying approximately
Haddad Brands' acquisition strategy is particularly shrewd - by occupying a portion of the building while leasing the remainder, they can effectively offset their occupancy costs through rental income while maintaining operational flexibility. The property's location between major transit hubs and its diverse floor plate configurations provide strong fundamentals for both owner-occupancy and future leasing potential.
This transaction is particularly notable as it represents the largest advisor-led office deal in NYC for 2024, serving as a important price discovery point for the market. The deal structure - with an occupier-buyer acquiring from an institutional seller - exemplifies the ongoing recalibration of office asset ownership in major markets.
The timing is strategic, as it comes during a period of significant repricing in the office sector. Morgan Stanley's decision to sell aligns with many institutional investors' strategies to reduce office exposure, while Haddad Brands' purchase demonstrates confidence in the long-term viability of prime Manhattan office assets, particularly those with strong locations and amenity packages.
The building's attributes - including the penthouse lounge, outdoor terrace and modern amenities - position it well for the post-pandemic office environment where premium amenities are increasingly critical for tenant attraction and retention. The property's location near both Grand Central and Penn Station provides excellent transit accessibility, a key factor in maintaining long-term asset value in an evolving office market.
Transaction Marks Largest Advisor-Led 2024 Office Transaction in NYC1
Newmark Co-Heads of US Capital Markets Adam Spies and Doug Harmon, Executive Vice Chairmen Adam Doneger, Marcella Fasulo and Josh King, Executive Managing Director Avery Silverstein and Director Willis Robbins represented the seller, Morgan Stanley. The buyer, Haddad Brands, plans to occupy a portion of the one million square-foot property and lease the remainder.
"The sale of 2 Park Avenue reflects the growing trend of occupiers transitioning to ownership as a strategic move to align their business needs with long-term real estate goals," said Spies. "This transaction allows Morgan Stanley to achieve a strong outcome in today's market while enabling Haddad Brands to secure a flagship presence in one of
The 29-story 2 Park Avenue is located at the corner of Park Avenue and East 33rd Street, a 10-minute walk from both Grand Central and Penn Station. The Class A art deco building features a number of amenities, including a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking. The property offers a range of floor plates that can support a variety of occupier layouts.
Occupier-owner transactions rose
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
1 According to Newmark Research and MSCI.
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SOURCE Newmark Group, Inc.
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