{"id":1004799852,"date":"2026-05-26T01:27:28","date_gmt":"2026-05-26T09:27:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004799852"},"modified":"2026-05-26T01:27:44","modified_gmt":"2026-05-26T09:27:44","slug":"realm-jv-buys-office-component-at-midtown-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/realm-jv-buys-office-component-at-midtown-tower\/","title":{"rendered":"REALM JV Buys Office Component at Midtown Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/image_4f37be.png\"><img decoding=\"async\" data-attachment-id=\"1004799855\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/realm-jv-buys-office-component-at-midtown-tower\/image-69\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/image_4f37be-e1779700059482.png\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"CitySpire in Midtown\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The office component at CitySpire occupies floors between second and 23rd.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/image_4f37be-e1779700059482.png?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/image_4f37be.png\" alt=\"Exterior shot of CitySpire, a 70-story mixed-use tower in Midtown Manhattan.\" class=\"wp-image-1004799855\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The office component at CitySpire stretches across 22 levels, between the second and the 23rd floors. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A partnership between REALM Group, DelShah Capital and A.M. Properties has acquired the 377,000-square-foot office component at CitySpire, a Class A, 70-story mixed-use tower in Midtown Manhattan. The property changed hands at an 8.5 percent cap rate.<\/p>\n\n\n\n<p>In February, when the partnership entered the agreement to purchase the office segment of the property, the deal was valued at $135.7 million, or $360 per square foot, <a href=\"https:\/\/therealdeal.com\/new-york\/2026\/02\/25\/delshah-a-m-property-buying-cityspire-for-136m\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>The Real Deal<\/em> reported<\/a> at the time. After nearly 22 years under its ownership, Tishman Speyer sold the office condominiums.<\/p>\n\n\n\n<p>Completed in 1987, the high-rise consists of office space between the second and 23rd levels, while the rest of the floors are designated residential space, separately owned and operated.<\/p>\n\n\n\n<p>The office component recently undergone a capital improvement program amounting to $22 million. Amenities include eight passenger elevators, common areas, a fitness center and subterranean parking. The tenant roster features Caleres, Windels Marx Lane &amp; Mittendorf and New York Road Runners. The office property was 98 percent leased at the time of the deal.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">Office Real Estate Trends in 2026<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 156 W. 56th St., the CitySpire tower is three blocks south of Central Park and across the street from Carnegie Hall and the subway station at the corner of 57th St. and Seventh Ave.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-office-investment-landscape\">Manhattan&#8217;s office investment landscape <\/h2>\n\n\n\n<p>In the first four months of the year, Manhattan recorded $2.9 billion in office investment sales, with assets changing hands at an average price of $712 per square foot, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-driven-workforce-shifts-reshape-office-demand\/\">Yardi Matrix office report<\/a>. Both metrics positioned the market above all others across the U.S., San Francisco and Dallas ranking second and third, with total investment figures of $1.6 billion and $1.1 billion, respectively.<\/p>\n\n\n\n<p>Some of the largest recent deals across the borough include the sale of the office property at 40 W. 25th St., in the NoMad neighborhood, for $51 million. An entity associated with Kaufman Investment and Two Sigma purchased the asset at a 58 percent discount from the last time it changed hands. Additionally, CIM Group sold 88 University Place to Acram Group in March of this year, in a $46 million transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property last traded in 2004.<\/p>\n","protected":false},"author":3619,"featured_media":1004799855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[42707,33224],"class_list":["post-1004799852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-realm-group","tag-tishman-speyer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>REALM JV Buys Office Component at Midtown Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"REALM Group, DelShah Capital and A.M. Properties has acquired the 377,000-square-foot office component at CitySpire.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/realm-jv-buys-office-component-at-midtown-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REALM JV Buys Office Component at Midtown Tower\" \/>\n<meta property=\"og:description\" content=\"REALM Group, DelShah Capital and A.M. 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You may reach her at maria.maruta@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/maria-maruta\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/image_4f37be-e1779700059482.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004799852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3619"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004799852"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004799852\/revisions"}],"predecessor-version":[{"id":1004799989,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004799852\/revisions\/1004799989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004799855"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004799852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004799852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004799852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}