CB Richard Ellis has been hired to manage the leasing of thebuilding. Adam Spies and Douglas Harmon of Eastdil Secured LLCmanaged the marketing on behalf of the seller. As GlobeSt.compreviously reported, four years ago, Harmon also handled the firm's$92.7-million or $350 per sf purchaseof the same building from SL Green Realty Corp. and Morgan StanleyReal Estate Fund III LP. The JV purchased the property in December2000 for $41.2 million.
The property, built in 1927, stands 23 stories tall and islocated on the southwest corner of Madison Avenue and East 34thStreet. In addition its highly visible location, it is withinwalking distance of both Grand Central & Penn Stations hasaccess to 12 subway lines. The property offers full-floor layoutsranging in size from 8,000 to 15,000 sf. Clarett plans to furtherimprove the asset through a strategic renovation plan. FurtherQueries to the Clarett Group were unanswered by deadline, however aClarett source did tell GlobeSt.com that the property was first puton the market in June 2007.
Veronica Hackett, managing partner of the Clarett Group, says ina prepared release that the company believes that the Midtownmarket is "poised for robust growth over the next several years."Hackett further notes that the high-quality asset's location willenable the firm to "achieve significant value appreciation."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
