NEW YORK CITY—Clarion Partners and joint venture partner Murray Hill Properties have agreed to purchase 180 Maiden Lane, a 41-story, class A- office tower in Lower Manhattan that spans more than 1.2 million square feet. The property sold for $470 million, or $430 per-square-foot, according to industry data. The move marks the joint venture's first acquisition; others are expected. Office space throughout the city, a specialty of Murray Hill Properties, is likely to be a key focus for the partnership.

The property provides more than 1.2 million square feet. It was built in 1980, renovated in 2000 and boasts panoramic views of New York Harbor, the Statue of Liberty and the South Street Seaport. The property is Energy Star certified and was awarded LEED certification earlier this year. It is located within walking distance to Wall Street, the New York Stock Exchange and a major transportation hub.

Currently in expansion mode, New York City remains a target market for office investment. Particularly because, as the joint venture notes, the city previously played host primarily to the finance, insurance, real estate and legal & professional services sectors but now is attracting technology firms and start-ups as well, which are leasing significant office space in Midtown South and Downtown Manhattan. In the first quarter of 2014, the volume of office transactions alone increased by 30% over the previous year's first quarter.