Deerfield acquires 345 Park Avenue South

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.