GlobeSt.com UPDATE: JV Makes First Purchase

NEW YORK CITY-A newly formed joint venture of Colliers ABR and AEW Capital Management has picked up its first asset. The partnership has acquired the 156,000-sf 229 West. 28th St. For previous coverage, click here .

AEW acquired the property on behalf of AEW Partners V, LP, a real estate opportunity fund managed by AEW. “This purchase exemplifies our strategy of sourcing off-market deals through our extensive network of contacts,” said Anthony McElroy, managing director/acquisitions at CABR. “The existing rents in the building are below market rates.” No purchas price was revealed.