ING Clarion Partners, in a joint venture with the William Macklowe Co. (WMC), has acquired 636 Avenue of the Americas, a six-story office building located in the "Ladies Mile" district for $45.2 million. For real estate developer/investor William (Billy) Macklowe, the purchase marks his first acquisition since forming WMC. The Renaissance Revival-style building, featuring a limestone and cast iron façade, is situated at the northeast corner of 19th St. and Sixth Ave. With 90,000 s/f of space, both retail and office, the property is distinguished by 13,000 s/f floor plates and 13 to 15 ft. floor-to-ceiling heights. The partners plan upgrades to the building's interior and common areas as well as its mechanical systems. "This is a very unique Midtown South property with great potential, given its boutique-sized floor plates, unusually high ceilings, vintage aesthetic details and superb corner location," said Macklowe, WMC's CEO. "We believe we will be able to add significant value by redeveloping this asset using our proven skill sets to create a unique opportunity for discriminating office and retail tenants. Our vision is to reposition this property as the premier boutique office building along the 'Ladies Mile' corridor." Built around 1900 and boasting intricate façade ornamentation, 636 Avenue of the Americas has 20,000 s/f of ground level retail space currently occupied by the Sports Authority. It also features excess air rights that can be utilized to create a distinctive penthouse atop the property's existing roof. "We are excited to join forces with a real estate partner that brings an exceptional range of skills, talents and creativity to this redevelopment venture," said ING Clarion Partners' managing director Edward Rotter. "With the improvements we have planned, we're confident that we can realize the full potential of this asset and take advantage of the changing dynamics of this resurgent submarket." The Chelsea neighborhood that surrounds 636 Avenue of the Americas offers a vibrant mix of boutique shops and new residential buildings and condominiums. National retailers that have leased space along this portion of Sixth Ave. include Best Buy, Trader Joe's and Bed Bath and Beyond. In addition, Rotter noted that Midtown South is now home to a growing number of major office tenants, including Google, which recently acquired 111 Eighth Ave. Darcy Stacom, Bill Shanahan and Paul Leibowitz of CBRE's Investment Properties Group, along with Robert Garrish, of the firm's Private Client Group, represented the seller, APF Properties. According to Macklowe, his company is "proud to be partnering with ING Clarion Partners" and hopes to pursue additional acquisitions and development opportunities "where WMC's creative approaches, extensive building experience and the diverse capabilities of our platform can help a project achieve its full potential."