AFIAA buys office building in New York
The AFIAA Investment Foundation has acquired an office property in midtown Manhattan. The building comprises 12,000 sq. ft. and was renovated last year.
The seller of the property at 45 West 45th Street is the Vanbarton Group, which is based there. The parties have agreed not to disclose the purchase price, AFIAA says. The investment foundation bought the office building via an asset deal for the portfolio of the AFIAA Global investment group, which invests in Europe, North America and Australia. It already holds a New York property in its portfolio at 119-125 West 25th Street.
The property now acquired was built in 1923 and extensively renovated in 2018. It has approximately 133,100 square feet (12,000 sq m) of office and retail/restaurant space. The building is located in Midtown Manhattan's Central Business District, about a five-minute walk from Grand Central Station.
The Grand Central/6th Avenue submarket, where the building is located, is characterized by strong demand and a limited supply of renovated properties, AFIAA adds. With its location and flexible floor plan layout, the building is an "ideal addition" to the Manhattan portfolio, says Sebastian Feix, Head of Transactions International at the investment foundation. (ah)
