Swiss Investor Buys Manhattan Creative Office Building

AFIAA Foundation expanded its New York City portfolio with the acquisition of a 12-story property on 27th Street, between Sixth and Seventh avenues.
158 W. 27th St. Image courtesy of ASB Real Estate Investments

ASB Real Estate Investments has sold a 118,776-square-foot creative office building in Manhattan to the Swiss AFIAA Foundation. ASB purchased the building in 2014 on behalf of its core investment vehicle, Allegiance Real Estate Fund, in a joint venture with George Comfort and Sons for $82.5 million, according to Yardi Matrix. 

Located at 158 W. 27th St., the flexible office property is in the heart of Manhattan, just off the first and second subway lines on Seventh Avenue. The building is also near the Lincoln Tunnel, which provides easy access to New Jersey. 

The office building was originally constructed in 1913 and was completely renovated in 1989. Since then, the property has received cosmetic renovations twice, in 2012 and 2015, Yardi Matrix data shows. Situated on less than 1 acre, the 12-story office building encompasses 10,577-square-foot floor plates and an additional ground-floor retail space. At the time of the sale, the building was 92 percent leased to tenants such as Furnished Quarters, Ricci Greene Associates, mindSHIFT Technologies and Planet Fitness.

Earlier this year, ASB also sold the historic 875 Washington St., an office and retail property in Manhattan for $123 million. The deals are part of the company’s strategy to trim its office portfolio in New York and focus more on industrial and workforce housing assets across the country, ASB Managing Director Brodie Ruland explained in a prepared statement.