Deka Immobilien GmbH has acquired the 19 West 44th Street office building in New York's Midtown Manhattan for approximately 95 million. The property was acquired for the Deka-ImmobilienGlobal open-ended mutual property fund. It was sold by the property company SL Green Realty Corp.
The t-shaped building boasts approximately 27,500 m² of lettable space across 18 floors. Currently the almost fully let property is occupied by 60 tenants. The largest tenant is UHY Advisors Inc., a tax consultancy firm. The office building is located on 44th Street, between 5th and 6th Avenue, also known as Club Row. Grand Central Station and Times Square are within walking distance of the property.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over 21 billion (as at August 31, 2010). As a sister company, Deka Immobilien GmbH is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development. Together with the Real Estate Lending Unit of DekaBank, the three companies form the Group's Asset Management Property business division.