Unizo Holdings Co. Ltd. is looking to sell the roughly 650,000-square-foot, 27-story office building at 685 Third Ave. in New York City for at least $500 million, Crain's New York Business reported, citing an unnamed source.
The Japanese real estate investment firm is also selling the approximately 135,000-square-foot office property at 40 W. 25th St., also in New York. The sale price for the 40 W. 25th St. building was not disclosed, although the property last traded for $106 million in 2015, the publication noted, citing city property records.
The sale of the two properties would mark Unizo's exit from New York City, the report noted.
Unizo is also seeking buyers for its 350,000-square-foot office property at 1100 First St. and its roughly 300,000-square-foot office building at 1325 G St. in Washington, D.C., a source familiar with the sales efforts told Crain's.
CBRE, which is marketing the two New York properties on behalf of Unizo, did not comment on the listing, according to Crain's.
A spokesman for U.S.-based Fortress Investment Group LLC, which recently offered to buy Unizo, did not comment on whether it will approve the sale of the latter's U.S. assets if it succeeds in acquiring the Tokyo-based company, according to Crain's.
