Swiss investment foundation AFIAA has acquired an office and retail property located at 45 West 45th Street in Manhattan from New York-based Vanbarton Group. The acquisition was made for the portfolio of the AFIAA Global investment group which invests in Europe, North America and Australia. It is AFIAA’s second investment in New York holding a further asset at 119-125 West 25th Street.
Located in Midtown Manhattan, the office building was constructed in 1923 and underwent extensive renovation work over time and in 2018 the latest. Its total floor space for office and retail/restaurant use amounts to 133,100 square feet (around 12,000 square metres). The building is located in the Central Business District of Midtown Manhattan, just a five minute walk from Grand Central Station. It has direct connections to all important public transport hubs in Manhattan.
The area surrounding the building – the “Grand Central/6th Avenue” sub-market – is dominated by substantial demand and limited supply of renovated properties. “Thanks to its location and flexible floor plan layout, this property perfectly complements our portfolio in Manhattan”, says Sebastian Feix, AFIAA’s Head of Transactions International.
