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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.
- ◦Sale/Acquisition
