Murphy, Cohen, Prisco and O'Keeffe of Colliers broker $115 million; Reps seller, Yeshiva Univeraity; Purchased by joint venture of Brickman and DivcoWest
James Murphy, Colliers International
Michael Cohen, Colliers International
40 West 25th Street - New York, NY
New York, NY Colliers International has arranged a $115 million sale of a two-building office portfolio in Midtown South on behalf of Yeshiva University, to a joint venture of Brickman Associates and DivcoWest. The two buildings—24 & 28 West 25th St., and 40 West 25th St.—are 12 stories each and total 250,000 s/f.
The two office properties are located in Midtown South, one of the nation's tightest office markets. The new ownership team plans to make a significant capital investment to both buildings, with the intent of attracting technology-based tenants.
"Yeshiva University owned a portfolio of well-located, in-demand office properties," said James Murphy, an executive managing director with Colliers, who along with Tri-State president Michael Cohen, executive managing director Louis Prisco, and managing director Margaret O'Keeffe, represented the seller. "They felt that current market conditions provided an ideal time to sell, taking advantage of Midtown South's record rents and lack of new product."
The office portfolio is located between Broadway and Sixth Ave., in Chelsea's technology sector, with access to various subway and bus lines, and a short walk from Penn Station.
The buyers were represented in-house in the transaction.
Story ran in the Front Section section on 03/12/2013