Rosewood Realty Arranges Sale of Midtown Office Property to Owner-Occupier
Rosewood Realty Group arranged the sale of 62 W. 45th St., a Class B Midtown office building, on West $36 million at a cap rate of 3.67%. The firm’s Aaron Jungreis and Ben Khakshoor represented the seller, Ken Fishel, president of Renaissance Properties.
Built in 1911, the 12-story, 55,150-square-foot property between Fifth and Sixth avenues features 12 office suites and one retail space. Recent capital improvements include a fully renovated lobby, upgraded elevator cabs and new tenant amenity center.
LSI Advisors represented the buyer, Stellar Services, an information/technology company. The buyer plans to occupy the entire building, which is close to Times Square, Rockefeller Center, Bryant Park and Grand Central Terminal.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).