Clarion to buy Midtown South tower for $225M

Sellers Kaufman and Invesco paid $94 million three years ago

New York /
May.May 28, 2013 03:30 PM

Clarion Partners, a real estate investment manager, has agreed to buy the 270,000-square-foot 100-104 Fifth Avenue in Midtown South for $225 million, Bloomberg News reported. Kaufman Organization and Invesco are the property’s sellers. They bought the 17-story building, between 15th and 16th streets, in 2010 for $93.5 million.

The deal, which is valued at over $800 per square foot, shows how much buyers will shell out to acquire office space in the tech-heavy neighborhood, Bloomberg said.

“Employers want to be in Midtown South because their employees want to be there,” Ben Thypin, director of market analysis at Real Capital Analytics, told Bloomberg. “As a result, employers are willing to pay significantly higher rents in Midtown South than they have historically, and, in turn, the anticipation of further rent growth makes Midtown South an attractive place to buy property.”

Woody Heller, Will Silverman and Eric Negrin of Studley represented the seller in the deal.

Online reviews site Yelp is a tenant at the building, and last year tripled its office presence, as previously reported. Apple’s iAd mobile advertising division is another tenant, which also upped its space.  [Bloomberg News]Zachary Kussin


Related Articles

arrow_forward_ios
Blackstone's Stephen Schwarzman and Clarion Partners's Drew Fung (LinkedIn, Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Blackstone snags $415M industrial refinancing
Blackstone snags $415M industrial refinancing
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Taconic, Clarion grab $130M loan on Bronx housing complex
Taconic, Clarion grab $130M loan on Bronx housing complex
Taconic, Clarion grab $130M loan on Bronx housing complex
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Mynd CEO and co-founder Doug Brien and Invesco Real Estate CEO Scott Dennis (Mynd, Twitter via CBRE)
Invesco-backed Mynd to spend $5B on single-family rentals
Invesco-backed Mynd to spend $5B on single-family rentals
Apple CEO Tim Cook and Kaufman Astoria Studios at 34-11 36th Street in Astoria (Getty; ONstate Kaufman)
Apple TV+ signs big lease at Kaufman Astoria Studios
Apple TV+ signs big lease at Kaufman Astoria Studios
56 West 22nd Street and Michael Kasmierski (Credit: Google Maps)
Kaufman, AXA make $50M Midtown South buy
Kaufman, AXA make $50M Midtown South buy
arrow_forward_ios

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

Loading...