Helmsley Building sold for US$1.2b

New York

MONDAY Properties, in conjunction with Invesco Ltd, said on Tuesday it has completed the sale of the landmark Helmsley Building near New York City's Grand Central Terminal for US$1.2 billion to RXR Reality. The 34-storey building, which has 1.4 million square feet of office space, was built in 1929 as the headquarters of the New York Central Railroad Co.

The sale marks the departure of the firm from New York's office building market, said Anthony Westreich, chairman and chief executive of Monday Properties. "It's the last of our New York City office buildings. It's not to say that we're not going to be back in New York. We just think it's good time to be a seller in today's market," Mr Westreich said. The building is 94 per cent occupied and home to Swiss Re, Voya Financial, Clarion Partners and Reed Elsevier, among others.