BETHESDA, Md., April 24, 2015 /PRNewswire/ -- Multi-Employer Property Trust (MEPT) and its real estate advisor, Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy), today announced the acquisition of 757 Third Avenue, a 504,953 square foot office building in the East Side/Grand Central sub-market in New York City.
"Midtown Manhattan is one of the most dynamic and attractive office investment markets in the world, with unquestioned amenities, transit access and compelling market fundamentals that reflect New York City's continuing strong economic growth," stated Kevin Rivest, Vice President, Transactions at Bentall Kennedy. "With its diverse, highly-skilled workforce, the City has continued to attract employers in the fast-growing technology and educational sectors as well as more traditional New York firms in financial, creative and other commercial services."
With this acquisition, MEPT's total investment in the New York market totals over $1.1 billion and over 2 million square feet.
"This acquisition advances several aspects of the core strategy of the Fund, such as increasing investment in primary markets and acquiring office properties in urban locations that appeal to knowledge industries," stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. "Furthermore, 757 Third Avenue is a great fit not only with the Fund's current energy-efficient, office portfolio, but with MEPT's $7.0 billion in portfolio holdings more broadly. The acquisition of 757 Third Avenue adds a stabilized, cash-flowing, long-term investment asset to MEPT's portfolio which will continue to benefit from our commitment to responsible property ownership and management."
Through this transaction, MEPT acquires a 26-story Midtown Manhattan office building in one of the City's most convenient and desirable locations, situated between 47th and 48th streets. The property is 98.7% leased, with major tenants added in the past two years resulting in a diverse tenancy including financial services, accounting, real estate, technology, media and marketing firms. Since 2008, approximately $21 million has been invested in the property to renovate and modernize the commercial and public spaces as well as roof, facade and other physical updates. Importantly, the property is energy efficient and has achieved EPA Energy Star certification since 2011. This investment has repositioned 757 Third Avenue as a high-quality Class A office asset able to compete directly for tenants with adjacent properties on nearby Lexington, Park and Madison Avenues.
Multi-Employer Property Trust (MEPT) is a $7.0 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 25 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 320 institutional investors, including 35 multi-employer and public employee plans in the State of New York. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been consistently top-ranked in the U.S. by GRESB for its environmental performance.
About Bentall Kennedy
Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional investors and their 132 million square feet of office, retail, industrial, and multi-residential properties valued at over $32 billion throughout Canada and the U.S. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.
The Bentall Kennedy Group includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership. For more information, visit www.bentallkennedy.com.
Director, Corporate Communications
Bentall Kennedy Group
416-681-2726 or [email protected]
SOURCE Bentall Kennedy (U.S.) Limited Partnership