Thor Equities Closes on $218M Manhattan Office Buy

Global real estate investment firm Thor Equities Group has picked up another New York City asset by closing on the acquisition of a Midtown office building for $217.5 million. Empire State Realty Trust sold the 22-story Garment District property, 1359 Broadway, which has 486,000 square feet of space.

Located at the intersection of Broadway and West 36th St., the building was completed in 1924 and features upgrades such as a new lobby with a restored original ceiling. The property has a diverse tenant mix, including independent publishing house Bloomsbury Publishing and fertility benefits company Progyny.

“New York City has always been central to Thor’s investment strategy, and we remain confident in the long-term strength of the Manhattan market,” said Thor’s Global COO Melissa Gliatta in a statement. “1359 Broadway is a significant addition to our portfolio, and we’re excited about the opportunity to build on the property’s established position in Midtown.”

Newmark will serve as the exclusive leasing agents for the property. The deal comes after Thor boosted its Manhattan portfolio with the $56 million purchase of 1165 Broadway, a fully occupied 58,000-square-foot office and retail building in the NoMad neighborhood, this past March.