{"id":28254,"date":"2021-02-24T04:36:56","date_gmt":"2021-02-24T12:36:56","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=28254"},"modified":"2021-02-24T06:12:29","modified_gmt":"2021-02-24T14:12:29","slug":"highest-ranking-office-sales","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/highest-ranking-office-sales\/","title":{"rendered":"Highest-Ranking Office Sales"},"content":{"rendered":"

Since 2000, the U.S. office market has witnessed a good share of trophy deals, which is usually a sign of strong market conditions. Using\u00a0CommercialEdge<\/a>\u00a0data, the following is a review of the top 50 office deals of the last 20 years. Specifically, the report looked at office buildings of at least 50,000 square feet in size and mixed-use properties that have more than 50% office space (for further details, read our\u00a0methodology<\/a>). Additionally, the report highlights major deals in the Northeast, Midwest, South and West, as well as best-selling Class B office spaces and properties less than 250,000 square feet in size.\"New<\/p>\n

#1 Office Deal of the Last 2 Decades: $2.8 Billion Sale of GM Building<\/strong><\/p>\n

New York City occupies the first 12 spots within the list of top office deals of the last two decades \u2013 an unsurprisingly dominant presence in the ranking. As for office deals outside of New York City, only 11 transactions made the cut \u2014 with more than half of those being portfolio deals. The highest-ranking office deal from outside New York City was the $1.64 billion Century Plaza portfolio in Los Angeles. Sold by General Motors in 2014, the three-building portfolio totaling 3.3 million square feet placed 13th. Boston features four entries on the list, led by 500 Boylston and 222 Berkeley in 23rd<\/sup> place. EQ Office sold the 1.3 million-square-foot Boston office space to a joint venture between Oxford Properties Group and JP Morgan Chase in 2015 for $1.3 billion.<\/p>\n

Notably, several buildings were sold twice since 2000, fetching top prices each time. One such property is the General Motors Building in Midtown Manhattan, which also ranks as #1 office sale since 2000. Boston Properties paid $2.8 billion for the office tower located at 767 5th Ave. in 2008. The office tower had previously been sold in 2003 for $1.4 billion \u2014 landing it in 18th<\/sup>\u00a0place for a second entry on the top 50 list.<\/p>\n

<\/div>\n