M
organ Stanley is poised to take a significant loss on the sale of its Midtown South office building, 2 Park Avenue, to Haddad Brands for $360 million. The deal, which works out to $360 per square foot, has yet to close but would be one of the city's largest office investment sales this year if completed within the next two weeks. This sale marks a substantial markdown from Morgan Stanley's original purchase price of $519 million in 2007.

    Haddad Brands, a privately held family business with ties to major fashion brands like Nike and Ralph Lauren, plans to occupy the building's office space. The company will join a growing list of owner-occupants in Manhattan's office market, including Kering (Gucci's parent company) and Prada, which acquired properties along Fifth Avenue last year for $963 million and $835 million, respectively.

    Morgan Stanley has been active in selling its Park Avenue assets recently, with SL Green acquiring the office condo portion of 500 Park Avenue from the investment bank for $130 million last month. Newmark's Adam Spies and Doug Harmon represented Morgan Stanley in both deals.