Shearman & Sterling represented Fosterlane Realty Inc. in its $485 million acquisition of 750 Seventh Avenue from Hines, a privately owned real estate investment firm. The 34-story, 600,000 square foot office tower, located between 49th and 50th Streets in New York City, sold for slightly more than $800 per square foot.

Completed in 1989, the building was designed by Pritzker Prize-winning architecture firm Kevin Roche John Dinkeloo Associates and is one of a limited number of buildings constructed in the core of midtown Manhattan in the last 25 years. Major tenants include Morgan Stanley and Mendes and Mount LLP.

This property attracted a lot of attention from high-profile real estate investment firms, and Fosterlane was successful in negotiating and closing the deal within two weeks. The acquisition marks the return to the Manhattan real estate market for Fosterlane, the U.S.-based institutional real estate investment arm of the Kuwait Investment Authority, which divested most of its direct property holdings in New York, including the Lipstick Building and 350 Park Avenue, between 2004 and 2007.

The Shearman & Sterling team included members of the New York Real Estate Group: partners Lisa Brill and Chris Smith and associates Michael Byrne, Frayda Cywiak, Alexander Labowitz, Ryan Mahoney, Keith Tagliavia and Adam Tartakovsky (all New York- Real Estate).