The Plan: 360 Lexington Avenue Has Been ‘Completely Reinvented’
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $2.1B across 21 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
If it’s been said once, it’s been said 1,000 times: Employees need a compelling reason to return to the office. At 360 Lexington Avenue, they are offered exactly that. Acquired by AmTrustRE for $65.5 million in 2024 ,…
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