NEW YORK CITY-William Macklowe Co. has teamed up with Principal Real Estate Investors LLC to purchase 386 Park Avenue South, a 270,000-square-foot Art Deco office building located at the northwest corner of 27^th Street in Midtown South district. According to the New York Post, the 20-story property was acquired from a joint venture comprised of Savanna Investment Management LLC and Monday Properties for between $110 and $113 million.

Given the acquisition, WMC is planning capital improvement plan by STUDIOS Architecture, which will include an upgrade of the building’s streetscape and front entrance, a full renovation of the building lobby, installation of brand new elevators, LEED certification and the pre-building of multiple floors.

Billy Macklowe, CEO of WMC, says in a statement that the company recognizes “the significant upside potentialof this opportunity and look forward to repositioning the building and pursing an aggressive leasing campaign that will allow us to address the needs of the pent-up demand in the Midtown South submarket.”

Jim Halliwell, managing director of Principal Real Estate Investors, commented: “We are delighted to partner with WMC in one of the strongest real estate markets in the country.” He added, “Midtown South benefits from a diversified tenant base and we expect it to continue its strong growth trajectory in the near term.”