Hines Closes on Midtown Tower Sales
“These trophy assets delivered exceptionally strong returns to our investors,” Sherri Schugart, senior managing director and president and CEO of Hines’ Core Fund, says in a release. Hines acquired both buildings in 2003.
Law firm Simpson, Thatcher & Bartlett has been the anchor tenant at 425 Lexington since the property opened in 1987, and renewed its 595,000-square-foot tenancy this past April. The property’s other major tenant, CIBC, occupies 115,000 square feet; Hines says the 31-story tower has been 100% occupied since it was new.