Hines To Reap $1B Though Sale of NYC Office Towers

Law360, New York (May 8, 2013, 7:40 PM EDT) -- A fund of international real estate firm Hines has agreed to sell two Manhattan office buildings to affiliates of American Realty Advisors and J.P. Morgan Asset Management, respectively, for a total of more than $1 billion, Hines announced Wednesday.

After an auction, Hines U.S. Core Office Fund LP chose an institutional fund managed by American Realty Advisors as the buyer of 499 Park Ave. at the corner of Park and 59th Street and a group of institutional investors advised by J.P. Morgan Asset Management as the...
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