Deerfield Management has entered into contract to acquire 345 Park Avenue South from RFR for an undisclosed amount. The buyer is in the market for a $525 million loan to help finance the acquisition and subsequent conversion, according to CO.
Dig Deeper: The 12-story office building spans 300,000 square feet, and includes a ground floor retail component. It’s located steps away from Madison Square Park between 25th and 26th Streets.
What comes next: Deerfield plans to convert the property into a life science and biotech innovation hub. The deal is expected to close in early July.
Delivered vacant: In February, RFR announced that the building’s previous anchor tenant, Digitas negotiated an early termination of its 250,000 SF lease.