Toronto-based Oxford Properties is buying New York’s 450 Park Avenue, an office trophy that set a price per square foot record prior to the market crash in 2007, for about $575 million, or $1,700 per square foot—one of the highest levels ever seen for a Manhattan office.

Eastdil Secured handled the sale on behalf of British millionaire Michael Tabor and New York-based Somerset Partners, which acquired the property in October 2007 for....

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