Deerfield Management has agreed to acquire 345 Park Avenue South from RFR for $345 million. The buyer is seeking roughly $97.4 million in city tax breaks for the deal, according to TRD citing the Industrial Development Agency..
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. 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-square-foot lease.
Financing: Deerfield is in the market for a $525 million loan to help finance the acquisition and subsequent conversion as we noted earlier this month.