"This sale validates our vision of sourcing off-market deals through our extensive network of contacts and knowledge base," says Robert Billingsley, Colliers ABR vice chairman. "The information captured by our staff allows us to uncover new opportunities when ideas are germinating – not when they've hatched."
The 22-story tower at 119 W. 40th St. is 327,650 sf. The five-story 120 W. 41st St.property is just 15,000 sf, but is zoned for up to 50,000 sf. The pair of investors bought the properties in February 2006 for $100 million, as GlobeSt.com reported at the time.
"While there has been a trend of brokers becoming owners, we have differentiated ourselves," Billingsley says. "We have operated buildings for over 30 years and have the in-house capability to run these situations in tandem with our management business."
The 229 W. 28th St. asset is a 12-story 156,000-sf loft building in Chelsea. It is across the street from the Fashion Institute of Technology.
Colliers and AEW bought the property in December 2005, as initially covered by GlobeSt.com. The purchase price was not disclosed.
Colliers ABR and AEW had teamed up to acquire more than $300 million in office and retail assets in the New York metro area in late 2005. Mark P. Boisi and Robert Billingsley, respective chairman and vice chairman of Colliers ABR, manage and oversee the fund with the managing director of acquisitions AEW, which purchased all three properties on behalf of AEW Partners V, its fifth real estate fund.
Anthony McElroy, managing director of acquisitions for Colliers ABR Investors, says the joint venture is still looking for value-add properties to invest in.
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