Newmark Group announced on January 9, 2025, that it arranged the $360 million sale of Two Park Avenue in Manhattan. This transaction represents the largest advisor-led, all-office property sale in New York City in 2024.
Newmark Co-Heads of US Capital Markets Adam Spies and Doug Harmon, along with their team, represented the seller, Morgan Stanley. The buyer, Haddad Brands, plans to occupy a portion of the one million-square-foot property and lease the remainder.
The sale reflects a growing trend of occupiers transitioning to ownership as a strategic move to align business needs with long-term real estate goals. Occupier-owner transactions rose 36% year-to-date as of the end of the third quarter, according to Newmark Research.
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