Most of Olnick's properties in Manhattan are residential. This is the firm's first foray into the office market. Olmstead owns and repositions class B office buildings.
Richard Baxter and Yoron Cohen of Insignia/ESG, who brokered the sale of the Seagram Building two months ago, represented Olmstead. "The acquisition works for Olnick because much of the space is currently rented at below market levels so that when the leases roll over they will be able to significantly raise rents," Cohen says.
Olmstead plans to use the proceeds for real estate investments.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
