Monday Properties sells Helmsley Building for $1.2 billion
Monday Properties is exiting New York's office building market.
"It's the last of our New York City office buildings. It's not to say that we're not going to be back in New York. We just think it's good time to be a seller in today's market," said Anthony Westreich, chairman and chief executive of Monday Properties.
The building is 94 percent occupied and home to well-known companies such as Swiss Re, Voya Financial, Clarion Partners and Reed Elsevier. It is known by it distinctive cupola.
Monday Properties has managed the Helmsley Building since 1998, and entered its venture with Invesco, a financial services company, in 2011, when the building was sold for $740 million. Goldman Sachs and partners paid about $1.15 billion for the building in 2007.
Net operating income of the building is $45 million, up from $34 million four years ago, Westreich said.
Since 2002, Monday has managed a $200 million renovation of the building, it said in a release. Over the past decade, Monday has completed more than $12 billion in transactions. ■