$71M Earmarked for Manhattan Office Acquisition
- Dec 27, 2016
ATCO has acquired 240 West 35th St., a 165,720-square-foot 18-story office building from RPW Group for $108 million.
NGKF Capital Markets closed on $71 million in financing for the property through a senior loan from Metlife. The floating-rate loan was structured with a three-year initial term and two one-year extension options to facilitate the purchase.
The building recently underwent a comprehensive modernization program which delivered significant upgrades to the property’s common areas, mechanical systems, façade and tenant spaces.
240 West 35th St. offers excellent northern and southern views with windows on three sides along with a prime location in the geographical center of the Penn Plaza/Times Square South submarket.
ATCO currently owns an impressive portfolio of properties in New York City that also includes 555 Fifth Ave., 40 Central Park South, 41 West 58th St., 630 Third Ave., 381 and 373 Park Ave. South, and Atlas Terminals. It also has properties nationwide as well as several investments in Europe.
NGKF Capital Markets team of Jordan Roeschlaub, executive managing director and Daniel Fromm, managing director, arranged the financing.
The building is located between Seventh and Eighth Avenues in Midtown Manhattan and is currently 95 percent occupied. Current tenants include those in the fashion, technology, media/internet, engineering and manufacturing industries.
Photo courtesy of New York State Real Estate Journal