Prudential Affiliate Joins in $245 Million Building Purchase

The building occupies the full-block front along Park Ave. South between 31st and 32nd streets. It is currently 87% leased to tenants, such as Priceline.com and Distillery, Inc.

SJP, the operating partner in the SJP-PGIM Real Estate joint venture, will manage and lease 470 Park Ave. South.

The joint venture plans to reposition the building, by renovating the lobby and adding an outdoor garden, a collaborative workspace, a game room, a café and a bar.

Alfonso Munk, Americas chief investment officer for PGIM Real Estate, says that companies in a variety of industries have been moving into the Park Ave. South submarket. He says with SJP, his company plans to "unlock additional value at 470 Park on behalf of current and prospective tenants, while adding another well-located, Class A New York City property to our clients' portfolio."

The transaction was led by PGIM Real Estate's Todd Goldberg, Ian Christ and SJP's Enrique Alonso and Zachary Freeman. Eastdil Secured served as the external broker.

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