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NEW YORK CITY-Theatre Row is proving to be popular as the 41-story 264-unit apartment at 420 W. 42nd St. sells to Principal Life Insurance Co. for $108.8 million. The 236,000-sf complex consists of three components–the residential tower, a new 499-seat theater owned and operated by the Shubert Organization, and Off-Broadway theaters, rehearsal space, and retail space owned and operated by the 42nd Street Development Corp.

Darcy Stacom and William Shanahan in CB Richard Ellis’ investment sales group spoke for the seller, locally based Dyer Avenue Associates, while Principal Global Investors, the real estate arm of Des Moines, IA-based Principal Financial Group, advised the buyer. The site, which features 200,000 sf of living space, offers such amenities as an on-site fitness center, private sun deck, 24-hour doorman and valet service.

“We were confident that 420 W. 42nd St. would trade competitively,” says Stacom. “Especially in a market where luxury buildings are highly sought-after as investments,” adds Shanahan.

In addition to the condominiums, the former owner worked to enhance the area by redeveloping five adjacent theaters for the 42nd Street Development Corp. through a combination of renovation and new construction.

Principal Global Investors’ real estate group, Principal Real Estate Investors, manages or sub-advises more than $24 billion in commercial real estate assets and is the fourth largest institutional real estate manager in the US ranked by tax-exempt assets.

Frank Orioli, investment director Principal Real Estate Investors, says, “420 W. 42nd St. is one of the city’s preeminent luxury residential properties, and we’re pleased that it gives our client a significant position in Manhattan.”

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