Partners announce first purchase at 229 W 28th.
The 156,000 s/f office building is the first purchase by the joint venture. AEW acquired the property on behalf of AEW Partners V, L.P., a real estate opportunity fund managed by AEW.
"This purchase exemplifies our strategy of sourcing off-market deals through our extensive network of contacts," said Anthony McElroy, Managing Director/Acquisitions at CABR.
"The existing rents in the building are below market rates. We plan to re-position and re-lease the building at market rents. A large block of space will be available for lease within the next 18 months."
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.
In total, the joint venture plans to acquire assets in excess of $300 million. They will focus on existing Class B office and retail properties, as well as development sites.
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|Publication:||Real Estate Weekly|
|Date:||Dec 7, 2005|
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