"This will give us an excuse to go out to dinner," Sitt tells GlobeSt.com. GVA Williams will provide property management and leasing services for the building, and Thor Equities will provide asset management services for the property

The joint venture purchased the 10-story office structure from SL Green Realty Corp. and Morgan Stanley Real Estate Fund III LP for $35 million, or approximately $172 per sf. SL Green originally purchased the property, which is between Eighth and Ninth avenues, in March 1998 for $17 million. In May 2000, SL Green contributed the property to the joint venture, retaining a 35% interest. SL Green then completed a redevelopment plan which included refurbishing and upgrading the lobby, storefront and building infrastructure.

The property is home to "Daddy's House," one of Sean Combs' recording studios as well as a cluster of other music industry-related ventures. There are two well-known retail ventures on the ground floor: Birdland, a jazz night club, and Club Babalu, a Latin dance club.