BCN Development Buys 315 Park Ave.

NEW YORK CITY-Denver-based BCN Development has purchased 315 Park Ave. South in an off-market transaction. An undisclosed partnership quietly put the 333,000-sf Midtown building on the market and was being heavily pursued by a number of companies, according to GlobeSt.com sources.

Credit Suisse First Boston is the building’s major tenant, holding a long-term lease on about 82% of the fully occupied building. The building's location and quality tenant was what attracted BCN to the property, according to CEO Craig Nassi. “[It] may be the best tenant in the city,” he tells GlobeSt.com.

The 21-story building sold as a cap rate in the 5% range, according to Nassi. He declined to name the purchase price since the deal has not yet closed. It is expect to close in the next two weeks.

In December, Vornado purchased 350 Park Ave. for $542 million, as reported by GlobeSt.com. Although that 538,000-sf class A office building is located about 30 blocks from BCN’s newest acquisition. In January, 2 Park Ave. sold for $519 million. The one-million-sf building is located 10 blocks from 315 Park Ave. South and was purchased by Morgan Stanley Real Estate’s Prime Property Fund.

Additionally, BCN is looking to acquire another two million sf of office, retail, hotel and residential, developments or conversions. Nassi tells GlobeSt.com that his firm currently has 865,000 sf under contract in the city that should close in the next 30 to 60 days.

Article by Katie Hinderer of Globest.com