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NEW YORK CITY-Since 1996, the office building at 45 West 45th St. has changed hands three times, and in each transaction the owners were represented by Richard Baxter and Yoron Cohen, executive managing directors of Insignia/ESG’s Capital Advisors Group. The first time, it was purchased by Olmstead Properties and the Praedium Fund, which sold it two years later to TMT 45th St. Then, last October it was bought from Lend Lease Real Estate Investments (an adviser to TMT) by Samson Management Co.

During that four-year period, the selling price of the 125,000-sf structure rose more than 125%. Rents in the building, which is 95% occupied, also rose, from $18 to $20 per sf in 1996 to more than $40 per sf.

“We are very pleased that each of these owners was confident that we could achieve the highest price possible at the time they purchased and sold the building,” Cohen says. The two have been partners for the past 20 years.

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