Manhattan, NY Newmark Knight Frank (NKF) has completed the $282 million sale of 114 West 41st St. (114W41) in Midtown’s Bryant Park submarket to Clarion Partners. On behalf of Blackstone and EQ Office, president James Kuhn, vice chairman Edward Maher, senior managing director David Colen and managing director James Tribble of NKF’s New York Capital Markets team oversaw the transaction of the 22-story office/retail asset. NKF will continue to lease 114W41 for Clarion Partners.
Totaling 349,274 s/f, 114W41 has been fully repositioned into a mixed-use asset with $30 million in recent capital investment highlighted by its dual-entrance lobby and tenant-only amenity center. The property is presently 91% leased to 13 office tenants and several street-level restaurants.
Major office users include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?.
“114W41 offers modern, collaborative office space with an urban feel, directly appealing to the new breed of cutting edge, fast-growing TAMI tenants that are currently flocking to Bryant Park,” said Maher. “The asset further benefits from unobstructed views of Bryant Park, which is one of the busiest public spaces in the world.”
114W41 is centrally located in the borough’s “commuter triangle” – the area between Grand Central Terminal, Penn Station and the Port Authority Bus Terminal – with connectivity to all major public transportation nodes. Additionally, the asset is surrounded by a wide spectrum of hotels, restaurants, retailers and fitness options.