Billionaire Chinese language developer Zhang Xin is seeking to promote her stake in Park Avenue Plaza in one of many first large workplace listings of the yr.
Xin’s Nearer Properties put its 49 p.c curiosity within the tower at 55 East 52nd Road up on the market in an providing that might worth the 45-story constructing at $1.3 billion, The Actual Deal has discovered.
At 1.2 million sq. toes, the constructing is almost totally leased to tenants like Evercore, Morgan Stanley and Basic Atlantic.
The property has “no vital expirations till 2035, supplies buyers with greater than a decade of stabilized NOI and minimal rollover threat or leasing capital required,” based on an providing memo from Newmark, the place a crew led by Adam Spies and Doug Harmon is overseeing advertising and marketing.
It’s the primary trophy workplace property to come back to market in 2026, as buyers have adopted a extra bullish outlook on New York’s workplace market following a strong year of leasing.
A consultant for Nearer Properties didn’t instantly reply to a request for remark.
Soho China, which Xin co-founded in 1995, purchased a 49 p.c stake in Park Avenue Plaza in 2011 from Rockpoint Group. Fisher Brothers owns the bulk stake. It’s unclear when Xin transferred the stake from Soho China to Nearer.
“Park Avenue Plaza is a core asset inside the Fisher Brothers workplace portfolio,” stated a spokesperson for the corporate. “We stay totally dedicated to the long-term possession of Park Avenue Plaza and optimistic about the way forward for Park Avenue.”
Traders are exhibiting renewed curiosity in Manhattan workplace properties after leasing got here again sturdy final yr.
Manhattan noticed almost 42 million sq. toes of leases in 2025, the best complete since 2019.
“The yr 2025 can be remembered as a watershed second within the Manhattan workplace market’s restoration,” stated Colliers’ Franklin Wallach.
SL Inexperienced lately bought a 49 p.c stake within the workplace constructing at 100 Park Avenue to Rockpoint at a $425 million valuation.
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