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Two Brokers Sell Building Three Times in Four Years

NEW YORK CITY-Since it was sold in 1996, the price of the office building at 45 West 45th St. has risen more than 125% and rents have more than doubled.

By John Howe | Updated on December 19, 2000

NEW YORK CITY-Since 1996, the office building at 45 West 45th St. has changed hands three times, and in each transaction the owners were represented by Richard Baxter and Yoron Cohen, executive managing directors of Insignia/ESG’s Capital Advisors Group. The first time, it was purchased by Olmstead Properties and the Praedium Fund, which sold it two years later to TMT 45th St. Then, last October it was bought from Lend Lease Real Estate Investments (an adviser to TMT) by Samson Management Co.

During that four-year period, the selling price of the 125,000-sf structure rose more than 125%. Rents in the building, which is 95% occupied, also rose, from $18 to $20 per sf in 1996 to more than $40 per sf.

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