German real estate investment firm purchases 4 Columbus Circle property from Cerberus

German real estate investment firm GLL Real Estate Partners has bought
4 Columbus Circle for $96.5 million from Cerberus Capital Management,
Crain’s reported. The 135,000-square-foot building at West 58th Street
and Eighth Avenue is 86.5 percent leased. Furniture manufacturer
Steelcase leases 76,000 square feet of the building. Cerberus bought
the property, built in 1989, for $82.9 million in 2006. GLL is based
in Munich and also has offices in Orlando, San Francisco, Frankfurt and Luxembourg. During the first half of this year, 28 office buildings
were bought in Manhattan, up 47 percent from the same period a year ago,
according to recent data from brokerage Massey Knakal Realty Services.
There were $5.4 billion worth of office building sales during the
first six months of this year. [Crain’s]