Clarion Sells Manhattan Office Asset for $133M
A trio of investors purchased the building at a big discount from its previous trade.
Clarion Partners has sold a 340,208-square-foot office building at 114 W. 41st St. in Midtown Manhattan for $133 million, according to Commercial Observer.
Three companies including Axonic Capital, which holds the majority stake in the property, AM Management and EYN Holding purchased the asset. Eastdil Secured arranged the deal.
The tower changed hands for $390.94 per square foot and at a 52.8 percent discount from its 2018 trade. Back then, Blackstone Group subsidiary EQ Office sold it to Clarion for $282 million or $828.90 per square foot, according to Yardi Matrix. At that time, the buyer also secured a $141 million acquisition loan from MetLife, the same data provider shows.
Clarion’s portfolio included some 27 million square feet of office and retail space at the end of the third quarter. The firm ranked second on our list of top commercial real estate owners for 2025, with 290 million square feet owned across several asset types at the end of June.
A Midtown Manhattan office tower
The 22-story building dates back to 1915. It has floorplates between 15,464 square feet and 16,183 square feet, as well as first-floor retail space totaling 13,000 square feet.
The property went through a series of capital improvements, most recently in 2023, resulting in redesigned amenities, upgrades on the property’s lobbies and the addition of a new lounge. Now, the amenity package at 114 W. 41st St. includes a media lounge, a library, upgraded office suites, a pantry, a new fireside lounge and a dining gallery which could accommodate events for up to 115 people.
READ ALSO: Manhattan’s Office Sector Defies National Slowdown
The mid-rise is close to Bryant Park and to Grand Central Terminal, as well as to Penn Station. John F. Kennedy International Airport is 15 miles away.
Eastdil Secured Managing Directors Gary Phillips and Will Silverman, together with Director Jeff Organisciak, brokered the transaction.
Manhattan investor activity picks up
Manhattan’s office transactions generated $5.5 billion as of September, according to a recent Yardi Matrix office report. The market led nationally in both sales volume and pricing, assets trading at $530 per square foot on average, while the investment activity marked a 111.9 percent increase over the past 12 months. In fact, office sales totaled $38 billion nationwide that month, the highest transactions volume since 2022, signaling strengthened investor appetite.
The largest transaction in the borough was the $1.1 billion acquisition of 590 Madison Ave. RXR and Elliott Investment Management purchased the 1 million-square-foot tower from State Teachers Retirement System of Ohio in the first office sale of more than $1 billion in New York City since 2022.
Another noteworthy deal was the $730 million sale of Park Avenue Tower. SL Green is under contract to acquire the property from Blackstone, with the transaction scheduled to close in early 2026.
You must be logged in to post a comment.