{"id":24672,"date":"2025-10-31T22:43:09","date_gmt":"2025-10-31T22:43:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/24672\/"},"modified":"2025-10-31T22:43:09","modified_gmt":"2025-10-31T22:43:09","slug":"bgo-hands-back-keys-to-office-building-at-757-third-avenue-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/24672\/","title":{"rendered":"BGO Hands Back Keys to Office Building at 757 Third Avenue \u2013 Commercial Observer"},"content":{"rendered":"

BGO<\/a> has handed a major office asset in Midtown East back to its lender.<\/p>\n

BGO, through the entity Mept 757 Third Avenue, provided a deed-in-lieu of foreclosure for the\u00a0 26-story, roughly 503,000-square-foot Class A office building at 757 Third Avenue to lender New York Life Real Estate Investors<\/a>. According to property records<\/a> made public Thursday, the building is valued at $173.1 million.\u00a0<\/p>\n

SEE ALSO: Vacant Industrial Site Near MIA Sells at 77% Premium<\/a><\/p>\n

Melanie Domres, president of BGO subsidiary NewTower Trust, signed the deal for the seller, while Carter Anatole, director of transactions at New York Life, signed for the buyer, which used the entity REEP-OFC 757 Third Avenue NY, records show.<\/p>\n

Spokespeople for BGO and New York Life did not immediately respond to requests for comment.<\/p>\n

BGO, formerly known as BentallGreenOak, bought the office building between East 47th and East 48th streets from RFR Holding<\/a> for $360 million in 2015, as Commercial Observer previously reported<\/a>. The purchase was financed through a $205 million loan from New York Life.<\/p>\n

It\u2019s unclear why BGO decided to offload the property, or what led to the eventual deed-in-lieu. Afterall, news of the deal comes after some leasing activity at 757 Third Avenue. In February 2024, reinsurance broker BMS Group expanded to 13,194 square feet on the entire 16th floor of the building, while software company Endava took 6,960 square feet on the 26th floor, CO reported at the time<\/a>.<\/p>\n

Other tenants at the building include insurance firm Berkley Insurance<\/a>, magazine trade group MPA-The Association of Magazine Media<\/a>, the Consulate General of Portugal and employment agency Aerotek, as well as Starbucks in the ground-floor retail space.<\/p>\n

New York Life\u2019s takeover of the property also comes during a recent flurry of office sales in Midtown.<\/p>\n

Just this week, AmTrustRE announced it was in contract to buy the 22-story office building at 260 Madison Avenue<\/a> from Alex Sapir for $217 million, while Silverstein Properties and the California State Teachers\u2019 Retirement System sold 1177 Avenue of the Americas<\/a> to Norges Bank Investment Management and Beacon Capital Partners for $571.1 million last month.<\/p>\n

Before that, Cohen Brothers Realty offloaded 623 Fifth Avenue to Vornado Realty Trust for $218 million and 3 East 54th Street to an undisclosed buyer for $188 million.<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"BGO has handed a major office asset in Midtown East back to its lender. BGO, through the entity…\n","protected":false},"author":2,"featured_media":24673,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[15872,3624,15871,75,84,83,15873,9,24,63],"class_list":{"0":"post-24672","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-carter-anatole","9":"tag-channel","10":"tag-investments-sales-757-third-avenue","11":"tag-manhattan","12":"tag-manhattan-headlines","13":"tag-manhattan-news","14":"tag-melanie-domres","15":"tag-new-york","16":"tag-new-york-city","17":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/24672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=24672"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/24672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/24673"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=24672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=24672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=24672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}