"This will give us an excuse to go out to dinner," Sitt tellsGlobeSt.com. GVA Williams will provide property management andleasing services for the building, and Thor Equities will provideasset management services for the property

The joint venture purchased the 10-story office structure fromSL Green Realty Corp. and Morgan Stanley Real Estate Fund III LPfor $35 million, or approximately $172 per sf. SL Green originallypurchased the property, which is between Eighth and Ninth avenues,in March 1998 for $17 million. In May 2000, SL Green contributedthe property to the joint venture, retaining a 35% interest. SLGreen then completed a redevelopment plan which includedrefurbishing and upgrading the lobby, storefront and buildinginfrastructure.

The property is home to "Daddy's House," one of Sean Combs'recording studios as well as a cluster of other musicindustry-related ventures. There are two well-known retail ventureson the ground floor: Birdland, a jazz night club, and Club Babalu,a Latin dance club.

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