NEW YORK CITY—Deutsche Asset & Wealth Management's alternatives and real assets business has acquired a two-building portfolio on West 125th street on behalf of an institutional investor. A division of the Deutsche Bank Group, the asset management and wealth management division purchased 55 W. 125th St. and 215 W. 125th St. in a joint venture with Cogswell Realty, which has held a long-term interest in the properties since 1998.
The transaction involved City Investment Fund selling its interest in the properties. Cushman & Wakefield's equity debt & structured finance team served as advisor to Cogswell and City Investment Fund in the transaction.
A purchase price was not available at press time but back in 2006, Fisher Bros.—in a joint venture with Morgan Stanley purchased 55 W. 125th for approximately $75 million, or $339 per square foot, and 215 W. 125th St. for approximately $58 million, or $355 per square foot. The seller was Cogswell, but the firm must have recently had a change of heart. GlobeSt.com could not reach the company by press time. Deutsche Bank declined to comment and Cushman & Wakefield did not respond to a request for comment by press time.
“The West 125th Street portfolio represents access to a dynamic submarket in New York that is supported by excellent transportation access along with the recent expansion of luxury housing and national retailing,” says Todd Henderson, head of real estate in the Americas for ARA. “We expect this property to produce long-term, stable income in a market poised for continued appreciation.”
Consisting of 425,000 square feet, the properties are 96% leased to a number of investment-grade tenants, including several non-profit and government agencies, while offering retail frontage along a busy corridor.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
