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
Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)
Universe Holdings buys NJ townhomes for $60M in national expansion
Universe Holdings buys NJ townhomes for $60M in national expansion
Mark Calabria and Sandra Thompson (Getty, FHFA)
Biden ousts Fannie, Freddie overseer, leaving firms in gov’t hands
Biden ousts Fannie, Freddie overseer, leaving firms in gov’t hands
Fifth Wall’s Brendan Wallace and actor Robert Downey Jr. (Getty)
Fifth Wall, Robert Downey invest in climate tech financing firm
Fifth Wall, Robert Downey invest in climate tech financing firm
8777 Collins Avenue (Getty)
Miami Beach condo building collapse leaves at least 1 dead
Miami Beach condo building collapse leaves at least 1 dead
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)
Nightingale, Wafra pay $220M for land under 111 Wall
Nightingale, Wafra pay $220M for land under 111 Wall
arrow_forward_ios

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

Loading...