450 Park Avenue fetches record price

Somerset Partners purchased 450 Park Avenue last week for about $510 million, or $1,589 a square foot. The price per square foot is believed to be the highest ever paid for an office building in U.S. history. Somerset, a private-equity firm headed by Keith Rubenstein, bought the 321,000-square-foot building from a partnership that includes New York State Common Retirement Fund and Taconic Investment Partners. The sellers paid $158 million for the 57th Street property in 2002. more [WSJ]