JV pays $100m for midtown tower in off-market sale.The joint venture between Colliers ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R , Inc. and AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Capital Management, L.P. has purchased 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. The purchase price was $100 million. AEW acquired the property on behalf of AEW Partners V, L.P., a real estate opportunity fund. The 22-story building encompasses 327,650 s/f and the 5-story building currently encompasses 15,000 s/f, but is zoned for up to 50,000 s/f.. The purchase represents the joint venture's second acquisition. The first acquisition, 229 West 28th Street, closed late last year. "This purchase is consistent with our strategy of sourcing off-market deals through our extensive network of contacts," said Anthony McElroy, managing director/acquisitions at CABR CABR Cabrillo National Monument (US National Park Service) CABR Capital Asset Budget Request . "The current tenant roster at 119 West 40th Street is a diverse mix of major businesses in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , software, apparel and corporate travel industries. The building is 88% occupied, and one-third of the building is leased to investment grade tenants. Keeping in line with our investment strategy, the existing rents in the building are below-market and there are significant near-term lease expirations." He added, "The site at 120 West 41st, with its additional air rights, may provide us with several redevelopment opportunities." The building is located in the heart of midtown, adjacent to Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan.[1] The central building of the New York Public Library is in the park. and the New York Public Library New York Public Library, free library supported by private endowments and gifts and by the city and state of New York. It is the one of largest libraries in the world. , and within a short walk of Times Square, Port Authority Bus terminal The Port Authority Bus Terminal often referred to merely as "The Port Authority" is the main gateway for interstate buses into Manhattan in New York City. It is operated by the Port Authority of New York and New Jersey. , Grand Central terminal, and Penn Station. In total, the joint venture plans to acquire assets in excess of $300 million. This program will concentrate on opportunities where investment returns can be generated by effectively managing leasing risk, development risk and market risk. They will focus on existing Class B office and retail properties, as well as development sites in strategic locations near major transportation hubs. |
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