The Olmstead-Vertex partnership has acquired another property in Manhattan. The acquisition is of an office building in Midtown that is mostly leased. The purchase highlights the companies’ confidence in Manhattan’s office market.
19 West 44th Street Building Acquired by Olmstead Properties and Vertex
Olmstead Properties and Vertex have announced the acquisition of the 19 West 44th Street building. Eastdil Secured represented the seller, Savanna, in this deal.
The property spans approximately 302,000 square feet and was acquired for an undisclosed price. Its acquisition was financed with a $91.4 million senior mortgage loan from Derby Lane Partners. Olmstead plans additional investments to modernize the building and enhance tenant amenities.
Planned upgrades include new amenities, collaborative workspaces, and roughly 23,000 square feet of newly built office space. Olmstead will oversee office leasing in the building. Retail leasing will be handled by Cushman & Wakefield.
“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 Properties.
Property Features
Originally built in 1916, the 18-story building retains much of its historic character. Recent renovations have modernized the building’s systems, common areas, and office suites. It is LEED Gold-certified and is 79% leased.
The major tenants in the building include Yipit, HARMAN International, and Kallari Restaurant. It also includes Robert Derector, Corporate Service Corp., EOS Products, and Bitwise.
About the Olmstead-Vertex Partnership
The Olmstead-Vertex partnership is a real estate investment venture. It focuses on acquiring and improving office buildings in Manhattan. The venture has been expanding its Manhattan office portfolio through strategic acquisitions and property improvements.
The purchase marks the partnership’s third acquisition since November. Previous acquisitions include 373 and 381 Park Avenue South, along with 61 Crosby Street and 114 Crosby Street.
