2 Manhattan office towers sell for more than $1B

The pending sale of two midtown Manhattan office buildings for a combined total of more than $1 billion are the latest demonstration of the strength of commercial property values in New York City, Reuters reports. The deals, brokered by international real estate firm Hines, are for 425 Lexington, for which institutional investors advised by J.P. Morgan Asset Management agreed to pay about $700 million ($933 per square foot); and 499 Park Avenue, which went for $390 million ($1,300 per square foot) to American Realty Advisors. Source: reuters.com.