New York City Office Building Sells for Record-Breaking Price

In a major transaction that has sent shockwaves through the real estate industry, the iconic Empire State Building has been sold for a record-breaking price of $2 billion. The sellers, Empire State Realty Trust, and the buyers, a consortium led by Silverstein Properties and RXR Realty, have successfully closed the deal, setting a new benchmark for property prices in New York City.

Originally completed in 1931, the Empire State Building is one of the most recognizable landmarks in the world. Standing at 1,454 feet tall, the Art Deco masterpiece has been a symbol of New York City’s skyline for nearly a century. The building features a total of 2.8 million square feet of rentable space, with office and retail tenants occupying the premises.

The buyers, Silverstein Properties and RXR Realty, are no strangers to high-profile real estate deals. Led by Larry Silverstein, Silverstein Properties is known for its role in the redevelopment of the World Trade Center. RXR Realty, led by Scott Rechler, is a major player in the New York City real estate market.

The acquisition of the Empire State Building solidifies Silverstein Properties and RXR Realty’s position as major players in the New York City real estate market. With its prime location in midtown Manhattan, the iconic skyscraper offers unparalleled views and a prestigious address for tenants. The new owners plan to invest in upgrades and renovations to further enhance the building’s value.

The sellers, Empire State Realty Trust, have been active players in the New York City real estate market since its formation in 2013. The company owns a portfolio of premier office and retail properties, including the Empire State Building. The sale of the landmark property will allow Empire State Realty Trust to focus on its other holdings and pursue new investment opportunities.

The brokers involved in the deal were Cushman & Wakefield, one of the largest commercial real estate services firms in the world, and JLL, a leading global real estate investment and advisory firm. The transaction was facilitated by a team of expert brokers who navigated the complexities of the New York City real estate market to bring the deal to fruition.

As the commercial real estate market in New York City continues to thrive, this record-breaking sale of the Empire State Building serves as a testament to the enduring appeal and value of prime properties in the heart of Manhattan. The transaction not only marks a milestone for the buyers, sellers, and brokers involved but also sets a new benchmark for property prices in the city.