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The sale was one of two office dispositions that Savanna lined up in the same week. The firm is also in contract to sell two buildings near Madison Square Park to Kaufman Investments for a combined $125 million.<\/p>\n
Olmstead Properties has completed its acquisition of 19 W. 44th St. for a reported $108 million \u2014 the firm\u2019s third Manhattan office purchase since November. Derby Lane Partners provided $91.4 million in acquisition financing for the deal.<\/p>\n
The 18-story, roughly 302,000-square-foot building once known as the Berkeley Building sits in the heart of Midtown between Fifth and Sixth avenues and just a short walk from Bryant Park and Grand Central Station. It\u2019s about 79% leased, which is down from the 86% occupancy that prior owner Savanna inherited when it bought the property from Deka Immobilien in 2017. Olmstead went into contract in April and closed in June, partnering on the deal with Vertex, the investment platform it launched late last year with backing from the Rosenblatt and Arnow families.<\/p>\n
Savanna paid $195 million for the building in 2017, putting the sale roughly 45% below its previous purchase price, or a loss of around $87 million for the seller. At about $358 per square foot, the price came in just under the $365 average for Manhattan office assets in 2024, according to Yardi Research data.<\/p>\n
Olmstead Executive Managing Director, Steve Marvin, said the firm believes \u201cthe best-positioned Manhattan office buildings remain compelling investment opportunities.\u201d<\/p>\n