Westbrook pays $80M+ for Midtown South office building

Seller Walnut Hill bought West 27th St. property for $65M in 2012

New York /
Apr.April 02, 2014 05:00 PM

Private equity firm Westbrook Partners just closed on the acquisition of a Midtown South office building at 31 West 27th Street for north of $80 million, The Real Deal has learned.

The 12-story, 126,024-square-foot building is located at Between Broadway And Sixth Avenue. The seller, San Francisco-based Walnut Hill Group, bought the building for $65 million in 2012 from Sharif El-Gamal, as TRD reported.

El-Gamal, the CEO of Soho Properties who grabbed headlines for his attempt to build an Islamic cultural center known as Park51 in Lower Manhattan, Acquired The West 27th Street building in 2009 for $45.7 million.

The Westbrook deal was first reported by Real Estate Alert.

Studley’s Woody Heller, Will Silverman and Eric Negrin represented Walnut Hill in the transaction. Silverman declined to comment. A representative for Westbrook did not comment by press time.

The Stella Adler Studio of Acting has about 30,000 square feet at the building, according to CoStar data. Other tenants include architecture firm Stonehill & Taylor Architects, as well as advertising firm Federated Media.

Walnut Hill, founded in 2010 by Albert Hwang, Jimmy Park and Stephen Yang, owns an interest in the Holiday Inn Express hotel at 13-15 West 45th Street.

In December, Westbrook sold two retail assets at the base of the Astor and Metro buildings for $130 million to Midtown-based investment fund Madison Capital.


Related Articles

arrow_forward_ios
56 West 22nd Street and Michael Kasmierski (Credit: Google Maps)

Kaufman, AXA make $50M Midtown South buy

Kaufman, AXA make $50M Midtown South buy
229 West 28th Street with Rodgers & Hammerstein (Credit: Getty Images, 229nyc, Rumi)

Lexin Capital puts Midtown South office building up for sale

Lexin Capital puts Midtown South office building up for sale
A rendering of 1 St. Marks Place

New boutique office building headed for East Village’s St. Mark’s

New boutique office building headed for East Village’s St. Mark’s
Westbrook Partners lands investment from Goldman Sachs

Westbrook Partners lands investment from Goldman Sachs

Westbrook Partners lands investment from Goldman Sachs
Asking rents for Midtown South office space skyrocket during Q3

Asking rents for Midtown South office space skyrocket during Q3

Asking rents for Midtown South office space skyrocket during Q3
Westbrook is lending $96M on the Downtown hotel it just sold

Westbrook is lending $96M on the Downtown hotel it just sold

Westbrook is lending $96M on the Downtown hotel it just sold
This is how Westbrook is funding its buy of the Union Square W Hotel

This is how Westbrook is funding its buy of the Union Square W Hotel

This is how Westbrook is funding its buy of the Union Square W Hotel
Tessler Development scores $95M to refi  172 Madison Avenue

Tessler Development scores $95M to refi
172 Madison Avenue

Tessler Development scores $95M to refi
172 Madison Avenue
arrow_forward_ios

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

Loading...