ING Clarion Partners, LLC has acquired a substantial ownership interest in a mid-town Manhattan office building. Located in the Grand Central submarket, the 132,964-ft² office building is owned in a joint venture partnership between DCD America (DCD) and a commingled fund managed by ING Clarion Partners.
The 18-story, Class-B+ building is located at 11 East 44th Street, between Madison and Fifth Avenues, and is in walking distance of Grand Central Terminal. The building was constructed in 1927 and has undergone an extensive renovation program over the past two years, including $4.3 million in capital upgrades and $3.9 million in tenant improvements. The conveniently located Grand Central submarket continues to attract retail and other tenants. Demand for Class B office space in the area is forecast to remain strong.
"With its recent renovation, this is an attractive building well positioned to take advantage of the demand for office space near Grand Central Terminal," said Edward Rotter, Managing Director of ING Clarion. "We are pleased to have an interest in this project, investing alongside our partners at DCD America."
Source: ING Real Estate