Olmstead Properties snapped up a Midtown office building for $108 million, a steep markdown from its final commerce in 2017, The Actual Deal has discovered.
Olmstead purchased the 16-story, 303,000-square-foot property at 19 West 44th Street from Savanna, virtually a decade after the non-public 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 accordance with 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.
Derby Lane Companions supplied $91.4 million in acquisition financing.
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’ “basic 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 deliver new vitality and new tenants to those two properties,” Marvin stated in a press release in November.
,
This constructing appears to match that profile. Inbuilt 1917, the property is about 80 p.c occupied.
Learn extra
Empire Capital flips $104M Park Ave South deal to Olmstead Properties
Deka shops Midtown office building for $200M
Savanna buying Berkeley Building in Midtown
