U.S. Vanbarton Group closes on $700 mln Lexington Avenue purchase

U.S. real estate investment firm Vanbarton Group has closed the purchase of 425 Lexington Avenue for $700 million.

Texas-based capital markets and brokerage services firm HFF marketed the building, which takes up the eastern blockfront between East 43rd and 44th Streets, on behalf of investment bank JPMorgan Chase.

Vanbarton purchased the 780,000-square-foot office building on behalf of pension fund clients. California-based commercial real estate services firm CBRE will now lease the only two vacant floors, with an asking rent in the mid-$80s per square foot.

The company has also hired CBRE’s Darcy Stacom for the marketing of 160 Water St., a fully leased office building that could become a future residential conversion. It paid $165 million in 2014 and expects to now rake in around $240 million.