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REIT Takes 391,000-SF Office Asset for $320M

NEW YORK CITY-Zeta-Ceres LP of Katonah, NY sells the 97% leased, 222 E. 41st St. to Atlanta-based Wells Real Estate Investment Trust II.

By Natalie Dolce | Updated on August 21, 2007

NEW YORK CITY-Atlanta-based Wells Real Estate Investment Trust II acquired 222 E. 41st St., a 25-story class A+ office building in Midtown Manhattan. The building is 97% leased; the principal tenant is Jones Day law firm, under a long-term lease. Terms were not disclosed, although a public filing says the acquisition price was $319.8 million.

The glass-and-granite tower, near Grand Central Terminal has views of the East River and the Chrysler Building. The office REIT acquired the property from Zeta-Ceres LP of Katonah, NY, with limited financing provided by Anglo Irish Bank.

The 391,000-sf building was designed by HOK, and was named the 2002 Build New York award winner for new construction. The tower currently has one floor available for lease, the 23rd.

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