"For this market, overall it has really been hurt over the last few years. There's a lot of buildings that have a lot of vacancy. This property has some of the highest vacancies of the market," Robert Rizzi, an executive vice president with Broad Street Advisors LLC in New York City, tells GlobeSt.com.

Adler Realty Investments Inc. of Woodland Hills beat 14 competing offers on the 20-story office building, which received healthy interest from institutional and private investors alike. SOFI IV SIM Office Investors II LP, a fund belonging to Greenwich,CT-based Starwood Capital, had the building on the market about 10 months, taking it off briefly during the Christmas holiday. One purchase contract fell out and two major tenants left the 2600 N. Central Ave. property, Rizzi says.

Despite the building's 35% occupancy, the seller set an aggressive ask in a bid to win a buyer that counts on a future market upswing. Adler campaigned hard for the 22-year-old building and put down a significant deposit prior to closing, says Rizzi, the deal's sole broker. Bank of America's lease rolls next year, but the buyer's purchase is a show of faith in Midtown's potential as a high-occupancy office destination.