Clarion Partners Acquires Property At 114 W 41st St New York For $282M With Seller's Rep Newmark And JLL

The property asset involved in the transaction is located at 114 W 41st St, New York, NY, 10036. The deal was executed for a price of $282,000,000.00, reflecting a price of just over $800 per square foot for the nearly 350,000-square-foot office-and-retail building. The market for this property is New York.

Summary of transaction details:

• Property Type: Office-and-retail building
• Transaction Amount: $282,000,000.00
• Address: 114 W 41st St, New York, NY, 10036
• Market: New York
• Buyer: Clarion Partners
• Seller: EQ Office (Blackstone Group)
• Seller's Representatives: Brandon Wilson, Aaron Migdol, Edward Maher (Newmark), Andrew Michols (JLL), James Kuhn (Newmark)
• Loan Amount: $141,000,000.00
• Loan Provided By: MetLife
• Brokerage Team: Edward Maher, James Kuhn, David Colen, Jim Tribble (Newmark)
• Initial Acquisition Price by EQ Office: $165,700,000.00
• Capital Improvements by EQ Office: $30,000,000.00

The brokerage team that worked on the marketing of the property for EQ Office included Edward “Woody” Maher, who emphasized the appeal of the property to fast-growing TAMI tenants. Notable tenants in the building include Roku, Quartet Health, and the New York headquarters of fashion brand Guess. Newmark's Jordan Roeschlaub and Dustin Stolly arranged the financing with MetLife, showcasing a collaborative effort within the brokerage team. This transaction follows EQ Office's strategic selling of its properties around Bryant Park, including significant past transactions, emphasizing the company's active property management strategy.