Boston Properties wrapping up $100M revamp of 360 Park Avenue South featuring new roof deck, amenities center
NY Post
No, the world isn’t ending — and neither is 360 Park Avenue South, the prewar office tower at East 26th Street where Boston Properties is wrapping up a more than $100 million repositioning and upgrade.
Last week, Canada Pension Plan Investment Board unloaded its 29% stake in the tower for exactly $1.
The lucky payer of that dollar, Boston Properties, bought the 1913-vintage, 440,000 square-foot tower with partners in 2021 for $300 million.
The “sale price” was actually worth more than it seemed. Boston reported last month that CPPIB’s exit released it from an additional $46 million commitment to the redevelopment project on which it already spent $71 million.
That CPPIB — one of the world’s largest property owners — would dump its interest in a building owned by one of America’s most successful publicly-traded real estate companies was widely taken as a no-confidence vote in commercial real estate generally.
(CPPIB also sold parts of office buildings in Vancouver and a southern California office park).