Deka shops Midtown office building for $200M

German investment manager bought 19 West 44th St. for $123M in 2010

New York /
Jun.June 08, 2017 08:30 AM

German investment manager Deka Immobilien is shopping a 16-story office building in the heart of Midtown for around $200 million.

The building, at 19 West 44th Street, spans 293,000 square feet and is being marketed by Colliers International, Real Estate Alert reported.

Built in 1917, the Berkeley Building — located between Fifth and Sixth avenues — is 86 percent occupied with tenants including FSS Staffing Solutions, Lazare Kaplan International, Robert Derector Associates and PR shop Kaplow. Over the past few years, Deka spent millions of dollars upgrading the lobby, corridors, elevators and roof, and it built out 16 office suites.

Deka bought the building for $123.2 million in 2010 from SL Green Realty, which paid $91.2 million for the property in 2005. (Before that, Morgan Stanley Real Estate bought it for $69 million from a partnership between Emmes Group and Blackacre Capital.)

The Midtown office market has struggled due to competition from new spaces Downtown and on the Far West Side.

In May, leasing activity in the submarket totaled 420,000 square feet, down sharply from 1.86 million square feet in May 2016, according to a recent Colliers report. Availability in May was 10.9 percent with an average asking rent of $81.77 per square foot. [REA] — E.B. Solomont


Related Articles

arrow_forward_ios
FSA Capital’s Benjamin Clyburn and 133-09 37th Avenue in Flushing (Google Maps, Breaking Ground, Getty)
Brian Pun’s FSA Capital plans 173K sf project in Flushing
Brian Pun’s FSA Capital plans 173K sf project in Flushing
Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
Hedge fund finds 283K sf at Two Manhattan West
Hedge fund finds 283K sf at Two Manhattan West
Savills' Nick Farmakis with 655 and 767 Third Avenue (Loopnet, Getty, Savills)
Third Avenue: The land of “leave-behind”
Third Avenue: The land of “leave-behind”
(Getty)
Zoning, infrastructure limits are squeezing US land supply
Zoning, infrastructure limits are squeezing US land supply
From left: Kerber’s Farm's Nick Voulgaris and Jamestown Properties' Michael Phillips along with 801-803 Greenwich Street (Getty Images, Jamestown Properties, LoopNet)
Long Island farmer turns his pitchfork on Jamestown
Long Island farmer turns his pitchfork on Jamestown
An illustration of the Night King from Game of Thrones (Getty, Night King courtesy of HBO via WarnerMedia)
Winter is coming: Landlords face brutal heating season
Winter is coming: Landlords face brutal heating season
53 Sonrise Place in Fellsmere, FL and Starwood Capital Group chairman Barry Sternlicht (Google Maps, Illustration by The Real Deal with Getty)
Starwood snaps up Florida affordable housing portfolio
Starwood snaps up Florida affordable housing portfolio
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
arrow_forward_ios

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

Loading...