Colliers JV sells two city towers.

A joint venture of Colliers ABR Investors, an affiliate of Colliers ABR, Inc., and AEW Capital Management, L.P. (AEW), announced that it has sold the 22-story block-thru office tower at 119 West 40th Street, and 5-story building with additional development rights at 120 West 41st Street in midtown Manhattan to LH Charney 40th Street, LLC for $182 million.

The venture also announced the sale of the 156,000 s/f office building at 229 West 28th Street to Joss Realty Partners for $48 million.

Colliers ABR Investors and AEW purchased 119 West 40th Street for approximately $100 million in February 2006.

AEW acquired the property on behalf of AEW Partners V, the fifth in AEW's series of real estate opportunity funds.

The 22-story building encompasses 327,650 s/f, and the 5-story building currently encompasses 15,000 square feet but is zoned for up to 50,000 s/f.

"We are continuing to seek properties in line with our investment strategy with a focus on value added opportunities" said Anthony McElroy, managing director/acquisitions at Colliers ABR Investors. "With this sale, we will realize significant returns for our investors."

"While there has been a trend of brokers becoming owners, we have differentiated ourselves because we have operated buildings for over 30 years and have the in-house capability to run these situations in tandem with our management business," said Robert Billingsley, vice-chairman at Colliers ABR.

"This sale validates our vision of sourcing off-market deals through our extensive network of contacts and knowledge base. The information captured by our staff allows us to uncover new opportunities when ideas are germinating--not when they've hatched."

Colliers ABR Investors and AEW purchased 229 West 28th Streett in November 2005. AEW acquired the property on behalf of AEW Partners V, the fifth in AEW's series of real estate opportunity funds.

The 12-story, loft-style Class B office building formerly housed mostly printing companies. The building is located across from the Fashion Institute of Technology (FIT) and borders the Chelsea and Penn Station submarkets.

Mark P. Boisi, chairman of Colliers ABR Inc., and Robert Billingsley, vice chairman are responsible for management and oversight of the fund, while Anthony McElroy, managing director/acquisitions of Colliers ABR Investors is responsible for sourcing new investment opportunities

EDITOR'S NOTE: REW has been asked to acknowledge Steve Friedman as the photographer responsible for the Stroock Stroock & Lavan picture spread featured in the June 13 issue.