United Nations Pension Fund and CB Richard Ellis Investors

Real Estate Alert, April 28, 2004

United Nations Pension Fund and CB Richard Ellis Investors will ask brokers early next month to submit marketing proposals fin the 372,000-square-foot office building at 222 East 41st Street in New York. The property is valued at $200 million, or $540/sf. The current owners purchased the building from Tishman Speyer for $175 million, or $471/sf, just 14 months ago.

That deal was brokered by CB Richard Ellis, which plans to compete for the new assignment as well. The 25-story building is 92% occupied, up from 70% when it last traded.