NEW YORK CITY—Clarion Partners and joint venture partner MurrayHill Properties have agreed to purchase 180 Maiden Lane, a41-story, class A- office tower in Lower Manhattan that spans morethan 1.2 million square feet. The property sold for $470 million,or $430 per-square-foot, according to industry data. The move marksthe joint venture's first acquisition; others are expected. Officespace throughout the city, a specialty of Murray Hill Properties,is likely to be a key focus for the partnership.

The property provides more than 1.2 million square feet. It wasbuilt in 1980, renovated in 2000 and boasts panoramic views of NewYork Harbor, the Statue of Liberty and the South Street Seaport.The property is Energy Star certified and was awarded LEEDcertification earlier this year. It is located within walkingdistance to Wall Street, the New York Stock Exchange and a majortransportation hub.

Currently in expansion mode, New York City remains a targetmarket for office investment. Particularly because, as the jointventure notes, the city previously played host primarily to thefinance, insurance, real estate and legal & professionalservices sectors but now is attracting technology firms andstart-ups as well, which are leasing significant office space inMidtown South and Downtown Manhattan. In the first quarter of 2014,the volume of office transactions alone increased by 30% over theprevious year's first quarter.