New joint venture buys 229 West 28th Street

The new joint venture between Colliers ABR and AEW Capital Management announced Friday afternoon its first purchase a 156,000-square-foot office building at 229 West 28th Street. The current tenants of the 12-story, loft-style, Class B building are paying below-market rents, according to a release from Colliers ABR, and the new owners plan to re-lease the building at market rents. The purchase price for the building was not disclosed. Colliers ABR and AEW Capital Management announced their partnership in late November. The partnership plans to focus on purchasing Class B office and retail properties.