BGO surrenders Midtown East office tower to avoid foreclosure

BentallGreenOak handed back the keys to a Midtown East office tower through a deed-in-lieu of foreclosure. Lender New York Life Real Estate Investors took over the 500,000-square-foot Class A building at 757 Third Avenue, according to property records. The transfer ends BGO’s nearly decade-long ownership of the 1960s-era tower, which appears to have faced occupancy challenges amid a sluggish post-pandemic leasing environment. New York Life estimated the property was valued at about $150 million at the time of the transfer, PincusCo reported, citing industry sources. That’s less than half the Canadian investment firm paid in 2015, when it bought the […] This article originally appeared on The Real Deal. Click here to read the full story.