Fully-occupied loft offices for sale.

In a rare opportunity to purchase a fully-occupied, well-maintained, pre-war, loft/office building in Manhattan's Midtown West neighborhood, Eastern Consolidated and Massey Knakal are co-exclusively marketing 330 West 38th Street, at an asking price of $60 million ($300 per square foot).

Alan P. Miller, director of Eastern Consolidated, and Shimon Shkury, partner at Massey Knakal, are co-brokering the sale, which should appeal to a wide variety of investors because it is fully-occupied by excellent tenants.

"The current owners did a magnificent job of leasing up the near 200,000 s/f building, during the past 24 months," said Mr. Miller, who sold the building two years ago for $30 million.

"So it's not surprising in this overheated market that the building is now valued at nearly double that amount."

Additionally, Mr. Shkury said, "A future conversion to residential use is now permissible under the new Hudson Yards re-zoning law, which took effect at the beginning of this year."

Built in 1927, the 16-story building is situated on West 38th Street between 8th and 9th Avenues. The seller is Coast Equities, LLC.

"Midtown West, with its close proximity to both Penn Station and Times Square, is a burgeoning office location," said Mr. Miller.

"Rents in the building average $22 per square foot which is significantly lower than rents in Midtown, now averaging $53.94 per square foot.