A Historic 302,000-Square-Foot Manhattan Office Building Has New Owners
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. 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.
