DivcoWest comes out East with Midtown South building purchases

New York /
Feb.February 25, 2013 03:00 PM

UPDATED, 10:41 a.m., Feb. 26: In an eastward expansion, San Francisco-based DivcoWest last week bought several office properties in the hot Midtown South market in a partnership with investor Bruce Brickman, the Wall Street Journal reported. DivcoWest, a real estate investment firm, and Brickman paid roughly $114 million for the buildings, 24-28 West 25th Street and 40 West 25th Street.

As would be expected, the plan is to fill the buildings, which include 270,000 square feet of space, with creative-type tenants. The partnership purchased the buildings from Yeshiva University. A Colliers International spokesperson told The Real Deal that Colliers’ Margaret O’Keeffe and James Murphy represented the sellers in the transaction.

In February, Midtown South had a 5.8 percent vacancy rate, the Journal said, citing CBRE data. Meanwhile, in central Midtown, vacancy in February ticked in at 8.1 percent.

DivcoWest recently made similarly tech-friendly purchases in Boston, the Journal said. [WSJ, 1st item]Zachary Kussin


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
CoStar CEO Andy Florance and FTC chairman Joseph Simons (CoStar; Getty)

FTC sues to stop CoStar’s $585M RentPath buy

FTC sues to stop CoStar’s $585M RentPath buy
Law in order: Ranking New York’s legal power players

Law in order: Ranking New York’s legal power players

Law in order: Ranking New York’s legal power players
Ryan Seacrest and 1196 Cabrillo Drive (Getty)

Ryan Seacrest reaches for stars with $85M Beverly Hills listing

Ryan Seacrest reaches for stars with $85M Beverly Hills listing
1529 3rd Avenue and Banana Republic CEO Mark Breitbard (Google Maps; Getty)

Banana Republic to close Upper East Side store

Banana Republic to close Upper East Side store
David Geffen and 1169 N. Hillcrest Road (Getty, Google Maps)

David Geffen sells “Billionaires Row” dev site for $34M

David Geffen sells “Billionaires Row” dev site for $34M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...