Fresh off the sale of the Chrysler Building, Tishman Speyer is putting an adjacent tower on the market.
A partnership between Tishman and a pair of sovereign wealth funds is looking to sell 666 Third Avenue, a 32-story office building spanning 767,000 square feet, according to sources familiar with the deal. The property is located right next to the Chrysler Building and is also known as Chrysler East.
A Cushman & Wakefield team led by Adam Spies and Doug Harmon is marketing the building and expects to receive bids of about $700 per square foot, or roughly $540 million.
Real Estate Alert first reported the news.
The building is 98 percent occupied, and tenants include First American Title Insurance, APG and the law firm Mintz Levin. Tishman paid $225 million in 1997 for both Chrysler East and the Chrysler Building, according to REA.
The Chrysler Building itself recently sold for $151 million to Aby Rosen’s RFR Realty and Sigma Holding GmbH, a massive price cut from the $800 million Abu Dhabi’s Mubadala Investment Company paid Tishman Speyer for a 90 percent stake in the building a decade ago.