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New York & Tri-State  + Midtown New York  + Office  | 

Olmstead, Vertex Acquire Repositioned 1916-Vintage Midtown Offices

Olmstead Properties, in partnership with Vertex, has acquired 19 W. 44th St., a 302,000-square-foot Midtown Manhattan office property, for an undisclosed price. The seller was Savanna, represented by Will Silverman of Eastdil Secured.

Located between Fifth and Sixth avenues, 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. It’s approximately 79% leased.

“This acquisition reflects our continued belief that the best-positioned Manhattan office buildings remain compelling investment opportunities,” said Steve Marvin, executive managing director at Olmstead. “With strong tenancy already in place, recent capital improvements and a clear path to further enhancing the tenant experience, we believe 19 W. 44th St. is exceptionally well-positioned for long-term success.”

Acquisition financing was provided by Derby Lane Partners, which originated a $91.4-million senior mortgage loan secured by the property.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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