October 18, 2017 Comments Off on German Fund Divests Historic New York Building for $195M Views: 640 National News, New York, Northeast

German Fund Divests Historic New York Building for $195M

New York-based Savanna acquired The Berkeley Building in Midtown Manhattan from German investment manager Deka Immobilien for $195 million. The historic 18-story, nearly 293,000-square-foot office building is located at 19 W. 44th St.

Colliers Institutional Capital Markets Group’s Robert Stamm handled the sale, along with Colliers’ New York Capital Markets team of Richard Baxter and Scott Latham.

Stamm says, “A combination of stable cash flow with excellent upside potential and a desirable Midtown location, between Fifth Avenue and Avenue of the Americas, made this property incredibly attractive to institutional investors. Ultimately, we were pleased that Savanna’s strong interest in the property allowed us to execute with a strong and reputable investor.”

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