Clarion Partners Acquires $282M NYC High-Rise
- Dec 17, 2018
Clarion Partners has acquired an office building in Midtown Manhattan for $282 million from Blackstone’s EQ Office affiliate. Dubbed 114W41, the 22-story property encompasses a total of 349,274 square feet.
Located at 114 W. 41st St., the asset was fully repositioned with nearly $30 million in recent capital improvements, including a new lobby and tenant-only amenity center. The building is 91 percent leased to 13 office tenants and several street-level restaurants. Major tenants include Roku, the New York headquarters of Guess?, Quartet Health, SpotCo, View the Space and Kensington Publishing.
The property is close to Bryant Park and Grand Central Terminal as well as a wide array of hotels, restaurants and shopping. A Newmark Knight Frank team of James Kuhn, Edward Maher, David Colen and James Tribble represented the seller in the deal.
“The property offers modern, collaborative office space with an urban feel, directly appealing to the new breed of cutting-edge, fast-growing TAMI tenants that are currently flocking to Bryant Park,” said Maher in prepared remarks. “The asset further benefits from unobstructed views of Bryant Park, which is one of the busiest public spaces in the world.”
Blackstone just expanded its Manhattan lease at Rudin Management Co.’s 345 Park Ave., where it has been a tenant since 1988. The firm will soon occupy a total of 16 floors in the office tower.
Image courtesy of Newmark Knight Frank