\n19 West 44th Street lobby – Manhattan, NY
\nPhoto credit Savanna <\/p>\n
\n19 West 44th Street lobby – Manhattan, NY
\nPhoto credit Savanna
<\/p>\n
Manhattan, NY Olmstead Properties, in partnership with the investment platform Vertex, have acquired 19 West 44th Street, a 302,000 s\/f office building located in Midtown, for an undisclosed price. The acquisition further expands the firm\u203as rapidly growing Manhattan office portfolio and reflects continued conviction in well-located office assets as leasing activity, tenant demand and investor interest continue to improve across New York City.<\/p>\n
Located between Fifth and Sixth Aves., near Grand Central Terminal and Bryant Park, the 18-story property was originally constructed in 1916 and has since been repositioned as a LEED Gold-certified office building featuring flexible floorplates, modernized infrastructure and a strong tenant roster.<\/p>\n
The building is 79% leased, providing immediate cash flow with additional upside through the lease-up of remaining space. Major tenants include Yipit, HARMAN International, Kallari Restaurant, Robert Derector, Corporate Service Corp., EOS Products and Bitwise. Recent capital improvements have enhanced building systems, common areas and prebuilt suites, positioning the property to compete effectively for today\u2019s office tenants while preserving its historic pre-war character.<\/p>\n
\n19 West 44th Street- Manhattan, NY
\nPhoto credit Savanna
<\/p>\n
\u201cThis acquisition reflects our continued belief that the best-positioned Manhattan office buildings remain compelling investment opportunities,\u201d said Steve Marvin, executive managing director at Olmstead Properties. \u201cWith strong tenancy already in place, recent capital improvements and a clear path to further enhancing the tenant experience, we believe 19 West 44th St. is exceptionally well positioned for long-term success. As we have demonstrated at 373 and 381 Park Ave. South, active ownership and hands-on leasing can create meaningful momentum, and we look forward to applying that same approach here.\u201d<\/p>\n
Ownership is planning a comprehensive amenity and capital improvement program designed to further elevate the tenant experience and support future leasing activity. As part of that effort, Olmstead is moving forward with approximately 23,000 s\/f of new prebuilt office suite, building on the success of the property\u203as existing Fogarty Finger-designed spaces. Additional improvements are expected to include hospitality-driven amenities and collaborative spaces tailored to the evolving needs of today\u2019s office users.<\/p>\n
Will Silverman of Eastdil Secured represented the seller, Savanna. Olmstead Properties will oversee office leasing at the property, with Steve Marvin and Sam Friedfeld spearheading leasing efforts as ownership looks to build on the property\u2019s strong leasing momentum and unlock additional value through active asset management and tenant engagement. Cushman & Wakefield will continue to serve as the exclusive retail leasing agent.<\/p>\n
Acquisition financing was provided by Derby Lane Partners, a leading alternative asset manager focused on capital solutions within real estate credit, which originated a $91.4 million senior mortgage loan secured by the property. The financing reflects continued lender confidence in well-positioned Midtown office assets with stable occupancy, strong in-place cash flow and meaningful leasing upside. The capital will support Olmstead Properties and Vertex\u2019s business plan to further enhance the building\u2019s amenity offering and capitalize on growing demand for high-quality office space in prime Manhattan locations.<\/p>\n
Vertex, co-founded by Patrick Pavone and Adam Arnow and backed by the Rosenblatt and Arnow families, was established to pursue strategic office acquisitions throughout New York City.<\/p>\n
\u201cWe are continuing to execute on the strategy we laid out with the launch of Vertex \u2014 targeting well-located Manhattan office buildings where active ownership and thoughtful leasing can unlock value,\u201d said Pavone. \u201c19 West 44th St. is exactly that: a high-quality asset with strong fundamentals, significant leasing momentum and meaningful upside.\u201d<\/p>\n
\u201cThis is our third acquisition since November and fourth transaction overall, and we are very much in full swing at this point,\u201d Pavone said. \u201cWe want the brokerage community to know that we are active, we are investing and we are committed to leasing our buildings.\u201d<\/p>\n
The transaction further expands the Olmstead-Vertex platform\u2019s growing Manhattan footprint, building on the momentum of the firm\u2019s acquisitions of 373 and 381 Park Ave. South, its all-cash acquisition of 61 Crosby St., and the recapitalization of 114 Crosby St.. Since launching the platform, ownership has leased more than 80,000 s\/f at 373 and 381 Park Ave. South, demonstrating the effectiveness of its active ownership, leasing and repositioning approach.<\/p>\n","protected":false},"excerpt":{"rendered":" 19 West 44th Street lobby – Manhattan, NY Photo credit Savanna Manhattan, NY Olmstead Properties, in partnership…\n","protected":false},"author":2,"featured_media":256638,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-256637","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/256637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=256637"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/256637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/256638"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=256637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=256637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=256637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}