750 Seventh Avenue
Property Sq Ft: 580,000
Purchase Date: March, 1994
Purchase Price: $90MM
Year Built: 1990
Client: Morgan Stanley
While at Morgan Stanley, MMMermel advised the Inside Board on its acquisition of 750 Seventh Avenue directly from Citibank which had taken possession of the property through a deed-in-lieu foreclosure. Morgan Stanley purchased the property in March 1994 with one tenant in occupancy and the intention of using it as a part of Morgan’s Time Square campus, which it did for many years. Morgan sold the property to raise cash in March 2000 to a Hines/GM Asset Management joint venture for $150MM. In 2011, the Hines/GM venture sold the property for $485MM.