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AmTrust Snags Midtown East Office Tower for $66M
AmTrust RE completed the $65.5-million acquisition of 360 Lexington Ave., a 268,000-square-foot office building located in the Midtown East neighborhood of Manhattan. Constructed in 1959, the 24-story, 60% occupied office tower has undergone significant renovations in the past few years, including a new lobby and upgraded elevators and common areas.
AmTrust plans to elevate the tenant experience, adding several amenity spaces, including conference rooms and lounges. Plans also call for renovations to the exterior facade to improve building insulation and energy efficiency.
“With major companies increasingly mandating that employees return to the office on a full-time or hybrid basis, we continue to see significant upside in well-maintained, strategically located commercial properties we’re able to acquire at a favorable basis,” said Jonathan Bennett, AmTrust’s president.
The Newmark team of Adam Spies, Adam Doneger, Joshua King and Marcela Fasulo represented both the buyer and the undisclosed seller in the transaction.
- ◦Sale/Acquisition
