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BentallGreenOak acquires 685 Third Avenue

685 Third Avenue (Credit: Google Maps)

BentallGreenOak has acquired 685 Third Avenue from Unizo Holdings for around $450 million, TRD first reported. The office tower spans 651,492 SF, and stretches from East 43rd to East 44th Streets, one block east of Grand Central Terminal.

  • Flashback: Unizo paid $467.5 million for the 31-story property in 2017. 

Backdrop: The company has been liquidating its portfolio as it deals with a hostile takeover in Japan. Here’s a snapshot of their track record in the Manhattan market. 

  • Sold 440 Ninth Avenue (411,000 SF) to Taconic + TH Real Estate for $269 million after paying $211.5 million in 2013.
  • Sold 321 West 44th Street (220,000 SF) to Related for $152.5 million after paying $140.5 million in 2015. 
  • Sold 370 Lexington Avenue (312,000 SF) to Broad Street Development for $190 million after paying $247 million in 2015.
  • Sold 24-28 West 25th Street (133,561 SF) to Savanna for $107.4 million after paying $103.8 million for the asset in 2015. (TRD+DailyBeatNY)

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