Clarion Partners Buys Blackstone and EQ Office’s Building for $282M
The Bryant Park office and retail asset had been repositioned with $30 million in improvements.
Blackstone and EQ Office sold their 22-story office and retail property located at 114 W. 41st St. to Clarion Partners for $282 million.
The 349,274-square foot building, often referenced as 114W41, had been repositioned into a mixed-use asset. Approximately $30 million in renovations updated the structure, creating a dual-entrance lobby and tenant-only amenities area.
Currently, the property is 91% leased to 13 office tenants and several ground-floor restaurants. Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess? are some of the companies leasing space in the building.
Newmark Knight Frank’s James Kuhn, Edward Maher, David Colen and James Tribble represented the sellers.
“114W41 offers modern, collaborative office space with an urban feel, directly appealing to the new breed of cutting edge, fast-growing TAMI tenants that are currently flocking to Bryant Park,” says Maher. He also notes unobstructed views of Bryant Park further enhances the asset.
NKF will continue to serve as brokers in the leasing of 114W41 for Clarion Partners.