One of Midtown’s most recognizable glass trophies is back on the auction block. Property & Building Corporation is once again shopping 10 Bryant Park, the former HSBC tower that stares straight at Bryant Park, with an asking price north of $800 million. After years of refinancing, renovations and headline leases, the pitch to buyers is simple enough: a stabilized Midtown tower with a marquee tenant and room for upside.
According to Bloomberg, Property & Building Corp. is taking the 30-story complex to market at a price tag of more than $800 million. Brokers are targeting institutional investors and family offices and are framing it as a rare shot at a repositioned Midtown office asset that already has much of the heavy lifting done.
Amazon Lease Resets the Numbers
In 2025, Amazon signed on for roughly 330,000 square feet at 10 Bryant Park, locking in multiple mid-tower floors on a long-term lease. It was one of the largest Midtown office deals inked since the pandemic period. That deal now serves as the bedrock of the building’s projected cash flow and underpins the seller’s valuation, as reported by Commercial Observer. The lease is front and center in broker pitch books aimed at buyers willing to pay a trophy premium for credit tenancy.
How the Owner Got Here
Property & Building Corp. picked up the complex from HSBC in 2010 for about $330 million, then poured roughly $100 million into upgrades to both the tower and the base buildings. The company refinanced the property in 2022 and tapped the Israeli bond market for a $385 million raise in 2024. A sales push in 2021 even produced an $855 million winning bid that ultimately never closed. Those background moves, laid out by The Real Deal, help explain why the building is back on the block with a lofty asking price.
What Is Actually on the Table
The property is not just a single glass shaft. The site ties a modern 30-story tower into several historic base buildings and bundles in street-level retail, lower-level amenity space and a multi-level garage, all of which sweeten the pitch for investors. A Newmark valuation filed in court records cites roughly 865,000 square feet of net rentable area across the combined parcel and notes retail and event space at the base, underscoring that the property functions as one integrated complex. Those details matter when underwriters and would-be buyers model income and future re-leasing potential.
Why Buyers Might Still Pay Up
Investors circling the deal will be weighing the steady revenue from Amazon against whatever leasing upside remains, along with the recent work done on the capital stack and the scarcity of true Midtown trophy product on the open market. Coverage when the Amazon lease was signed framed the deal as a sign that major tenants were again embracing central Manhattan, a dynamic that could keep demand strong for fully repositioned, well-located properties. Commercial Observer highlighted that leasing momentum and what it might mean for Midtown pricing.
How fast a sale comes together will depend on buyer due diligence, financing terms and whether bidders are willing to treat the building like the trophy the seller believes it is. Whoever prevails will walk away with a high-profile Bryant Park corner whose long-term value now lives and dies with its major leases and the broader health of Manhattan’s office market.
