Istithmar in $1.275 Billion Sale of 280 Park Avenue
November 19, 2007
Cleary Gottlieb represented Istithmar Building FZE in its sale of 280 Park Avenue (the former Bankers Trust Building), an office building located in New York, to Broadway Partners for $1.275 billion. The contract was signed on April 2, and the deal closed on November 19.
Because Istithmar acquired the property in June 2006, the transaction was structured to include an assumption by Broadway Partners of the mortgage and seven levels of mezzanine debt. 280 Park Avenue includes approximately 1.2 million square feet of class-A commercial office space as well as high-end restaurant and retail space on the ground floor.