15 West 39th Street office property asks $65M

Venture Capital Properties tapped to market and sell building

TRD New York /
Jul.July 11, 2014 04:45 PM

The 16-story commercial property at 15 West 39th Street, which has 80,858 square feet of net-leasable square feet above grade, is up for grabs, The Real Deal has learned. Real estate investment and advisory firm Venture Capital Properties has been tapped by the owners to market the property, which asks $65 million.

Venture directors Jeremy Nazarian and Vickram Jambu are marketing the building, which is located between Fifth and Sixth avenues. Full-floor tenants — a mix of non-profits, investment and creative firms — occupy 13 of the 16 floors in the building, Nazarian said, adding that the property is located adjacent to Ziel Feldman’s hotel and condominium project at 20 West 40th Street.

“The 16-story building benefits from high ceilings, great light and air, and is well positioned to attract technology, as well as other tenants looking for full floors, creative space, and to be in close proximity of major transportation hubs,” Nazarian said in a separate statement.

The building’s office rents average in the low $30s per square foot.

The brokers declined to reveal the name of the seller. Public records, however, show that a Flushing-based entity named Northern Star Realty has owned the building since 1999. A representative for Northern Star declined comment.

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