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210,000-SF Office Building Goes for $140M

NEW YORK CITY-Sources tell GlobeSt.com that Principal US Property Separate Account is the new owner of 104 W. 40th St., overlooking Bryant Park.

By Natalie Dolce | Updated on July 18, 2007

NEW YORK CITY-Principal US Property Separate Account, an entity of Principal Global Investors, has purchased an office building on 104 W. 40th St. overlooking Bryant Park in the Midtown area for $140 million. Real estate manager Principal Real Estate Investors advised on the acquisition in a joint venture with Mermel & McLain Management LLC, a locally based asset management and investing vehicle.

The 210,000-sf building is located at the corner of the Avenue of the Americas and was built in 1962. Mrofficespace.com lists Elm West 40th Street Associates LLC as the owner of the property, although sources involved in the deal would not confirm or disclose the seller.

Current office tenants include Pergola Deli, Moffatt & Nichols, Molod Spitz & DeSantis PC, National Geographic Society, Einbinder & Dun LLP and Springs Global US Inc. Los Angeles-based CB Richard Ellis, who was not involved in this particular deal, notes that the average asking rent for 104 W. 440th St. is $68.66 per sf.

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