Most of Olnick's properties in Manhattan are residential. This is the firm's first foray into the office market. Olmstead owns and repositions class B office buildings.
Richard Baxter and Yoron Cohen of Insignia/ESG, who brokered the sale of the Seagram Building two months ago, represented Olmstead. "The acquisition works for Olnick because much of the space is currently rented at below market levels so that when the leases roll over they will be able to significantly raise rents," Cohen says.
Olmstead plans to use the proceeds for real estate investments.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
