A joint venture that is 60 percent owned by Boston Properties has executed a binding contract to sell its 125 West 55th Street property in New York City for a price of $470 million.
125 West 55th Street, a 23-story building, spanning from 55th to 56th Streets between Avenue of the Americas and Seventh Avenue, is a Class A office property totaling approximately 588,000 net rentable square feet.
The sale price for the property, which was built in 1988 and designed by Edward Larrabee Barnes, exceeds its carrying value, according to Boston Properties. Boston Properties acquired the asset in 2008.
The sale is subject to the assumption by the buyer of the mortgage loan collateralized by the property totaling approximately $199.0 million. The buyer is J.P. Morgan Asset Management, according to commercialobserver.com.
Boston Properties’ joint venture partner on the project is Meraas Capital and a fund run by Goldman Sachs, known as U.S. Real Estate Opportunities 1, according to Real Estate Alert.