UBS Sells 299 Park Stake
January 9, 2010
By: Lois Weiss

UBS cashed out of 299 Park Ave. on Thursday, selling its 49.5 percent stake to real estate investment firm Rockpoint Group, The Post has learned. ...

... The deal, which provides a much-needed boost to the real-estate sales market, valued the 1.04 million-square-foot building at just over $600 million, or $625 per square foot. ...

... "This is a signal the market is continuing to strengthen and -- dare I say it? - recover," said Woody Heller of Studley, who was not involved in the deal. "To see Rockpoint come forward into the transaction is an affirmation that there is investor confidence in a new pricing paradigm."

In contrast, the multi-property HSBC headquarters at 492 Fifth Ave. near Bryant Park, was sold for $380 a foot. The entire space will be leased back to HSBC for one year, then the company will occupy about two-thirds of it for nine more years.

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