The 18-story, class-B+ building is located at 11 E. 44th St., between Madison and Fifth avenues, and is in walking distance of Grand Central Terminal. The building was constructed in 1927 and has undergone an extensive renovation program over the past two years, including $4.3 million in capital upgrades and $3.9 million in tenant improvements.
Newmark Knight Frank is the rental agent of the property. According to MrOfficeSpace.com, asking rent per sf for the fourth floor is $58. "With its recent renovation, this is an attractive building well positioned to take advantage of the demand for office space near Grand Central Terminal," says Edward Rotter, managing director of ING Clarion. "We are pleased to have an interest in this project, investing alongside our partners at DCD America."
The company has been in the news in the recent months for deals in other areas including: the recent joint venture acquisition of the Village Shopping Center in Boulder, CO for $55.5 million; Conroe Medical Arts and Surgical Plaza in Conrow, TX for $18.3 million; and Lincoln Park III, a newly developed office building in Herndon, VA for $47 million.
An August report from CB Richard Ellis says that the average asking rent in the midtown office area continued its steady year-long climb, increasing $1.50 in July to $8.35 per sf. Over the past 12 months, average pricing has increased $22.20 or 38% from July 2006's $59.15 per sf.
As of June 30, ING Clarion Partners, the US investment management arm of ING Real Estate, manages $24.6 billion assets under management. DCD America's total real estate investments in New York City and surrounding areas are in excess of $500 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
