- The acquisition of 222 East 41st, New York was part of our strategy to invest in Class A office buildings in 24-hour cities. We acquired this 2001 built 372,311 sf Class A tower with 76 car parking spaces in 2004 for $211 million.
- Our strategy was to reinvigorate the leasing program and to increase leasing from its 80% status to stabilization. Our acquisition was made easier by the fact that the property was brought to market in the month of August when many acquisition officers were at the beach so our competition was reduced.
- The property, located near Grand Central train station, was primarily leased to Jones Day law-firm, the EU Commission, and the Govt. of New Zealand.
- We changed management/leasing, improved cash-flows by focusing on wasted expenditure, improved relationships with tenants, and the building staff, and increased occupancy to 96%.
- We sold the property in August 2007 for $320 million to a public REIT.
Project Summary
