Vanbarton Group Finalizes $126M Manhattan Mid-Rise Sale
- Nov 06, 2019
AFIAA has completed the $126 million acquisition of 45w45, a 133,500-square-foot office and retail asset in Manhattan. The seller was Vanbarton Group, according to Yardi Matrix. Allianz originated $52.2 million in financing for the buyer. Vanbarton Group had acquired the property from Samson Management for $81 million in early 2015.
The recently completed sale was first announced in July, though full terms had not been disclosed.
Located at 45 W. 45th St. in Manhattan’s Plaza District, the 17-story mid-rise is three blocks north of Bryant Park. The property is half a mile from the Coca-Cola Building, which changed hands in September as the largest Manhattan office deal of 2019. Grand Central station is also within a half mile.
45w45 was built in 1923 and contains a 121,155-square-foot office component above 16,345 square feet of retail space. The property’s tenants include The Atlantic Group and Guinness World Records. Coworking firm Knotel is one of the largest tenants, occupying 35,292 square feet under a 10-year lease which began in January, per data from Yardi Matrix. In 2018, Vanbarton finished extensive property renovations, with a total cost of $12 million.