US office sector fundamentals remained strong in Q3, with robust job gains and renewed GDP growth boosting net absorption and office leasing activity.
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Listed below are the top 4 office sales in the country (ranked by sales price) that took place in Q3 2016, according to Colliers International's US Office Market Outlook. All of the top office transactions completed in the third quarter took place in New York and were partial-interest sales.
1) HKMA
1095 Sixth Ave, NY
Price: $1.15B
Size: 1.12M SF
Real Summit Investments, an investment fund led by Hong Kong Monetary Authority (HKMA), the country's de facto central bank, grabbed a 49% stake in the tower at 1095 Sixth Ave. Real Summit bought the 1.12M SF from Ivanhoé Cambridge and Callahan Capital Partners in August.
2) PGIM Real Estate
11 Madison Ave, NY
Price: $1.04B
Size: 2.28M SF
New York's largest landlord, SL Green Corp, sold a 40% stake in its 11 Madison Ave tower to Prudential Financial's real estate investment arm, PGIM Real Estate, in August. SL Green and PGIM were said to have entered a JV for the 2.3M SF property.
3) Invesco Real Estate
1221 Sixth Ave, NY
Price: $1.03B
Size: 2.6M SF
Invesco Real Estate bid on Canada Pension Fund's 45% stake in the the 2.6M SF building in July. Rockefeller Group owns a 55% stake in the 51-story tower, also known as the McGraw-Hill building.
4) Allianz Real Estate of America
10 Hudson Yards, NY
Price: $946M
Size: 1.8M SF
The first building in Hudson Yard’s more than 20-acre urban development, 10 Hudson Yards, opened to much fanfare in May. European leading insurer Allianz Real Estate grabbed a 44% stake in the tower in August, buying out both Coach and a part of the Kuwait Investment Authority.
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