Newmark has successfully completed the sale of 114 West 41st Street (114W41) in Midtown Manhattan’s vibrant Bryant Park submarket to Clarion Partners. On behalf of Blackstone and EQ Office, President James Kuhn, Vice Chairman Edward Maher, Senior Managing Director David Colen and Managing Director James Tribble of Newmark’s New York Capital Markets team oversaw the transaction of the 22-story office/retail asset.
Totaling 349,274 square feet, 114W41 has been fully repositioned into a premier mixed-use asset with nearly $30 million in recent capital investment highlighted by an exemplary dual-entrance lobby and tenant-only amenity center. The property is presently 91 percent leased to 13 office tenants and several street-level restaurants. Major office users include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?.
“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,” said Maher. “The asset further benefits from unobstructed views of Bryant Park, which is one of the busiest public spaces in the world.”
By virtue of its proximity to Bryant Park, 114W41 enjoys a centralized location in Manhattan’s “commuter triangle” - the area between Grand Central Terminal, Penn Station and the Port Authority Bus Terminal - with connectivity to all major public transportation nodes. Additionally, the asset is surrounded by a wide spectrum of hotels, restaurants, retailers and fitness options.
Newmark will continue to lease 114W41 for Clarion Partners.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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