Olmstead Properties snapped up a Midtown office building for $108 million, a steep markdown from its final commerce in 2017, The Actual Deal has realized.
Olmstead purchased the 16-story, 303,000-square-foot property at 19 West 44th Street from Savanna, virtually a decade after the personal fairness agency paid $195 million for the Class B constructing between Fifth and Sixth avenues. Savanna spent $20 million on upgrades to the constructing, in response to the property’s website.
Eastdil Secured’s Will Silverman and Gary Phillips brokered the deal. Eastdil and Olmstead declined to remark. Savanna didn’t instantly reply to a request for remark.
Olmstead purchased the constructing in partnership with Vertex Properties, an funding platform launched by Olmstead executives Adam Arnow and Patrick Pavone. The pair have made three acquisitions since Vertex launched six months in the past, together with 381 and 373 Park Avenue South from Josh Rahmani and Ebi Khalil’s Empire Capital.
On the time, Olmstead managing director Steve Marvin stated the properties’ “traditional structure, prime location and untapped potential” match the corporate’s broader playbook.
“Our broader portfolio is 95 p.c leased as a result of tenants worth how we function and handle our buildings. That robust demand positions us nicely to carry new vitality and new tenants to those two properties,” Marvin stated in an announcement in November.
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This constructing appears to match that profile. In-built 1917, the property is about 80 p.c occupied.
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