10-12 E. 33rd St.
NEW YORK CITY—Dalan Management sold two adjoining 12-story, boutique office buildings in Midtown South's NoMad district at 10-12 E. 33rd St., in which it owned a majority interest, to its joint venture partnership with Marcus Partners for $54.5 million. Following the transaction, Dalan maintained a minority interest in the asset.
The buildings each contain approximately 35,000 square feet with 2,000 square feet of retail on the ground floor. Designed by Charles I. Berg, 10 E. 33rd St. was constructed in 1908. Designed by Walter E. Thompson, 12. E. 33rd St. was built in 1910. In 2015, Dalan completed a renovation and modernization of both structures.
The new venture will invest capital to further upgrade the structures with improvements to the façades, storefronts, entrances, lobbies and elevators.
“Marcus Partners is truly excited to enter the Midtown South market with a unique property geared toward an entrepreneurial TAMI tenant base,” says David Fiore, principal and New York regional director of Marcus Partners. “The properties offer a stable, diversified tenancy and provide opportunities to create further value over the next few years. We are excited to continue the improvement plan with the Dalan team to reposition 10-12 East 33rd Street to the next level of quality and performance.”
Daniel Wrublin, principal of Dalan Management, notes, “This transaction enables Dalan to recycle capital into a new investment while also maintaining an ownership stake in these great assets.”
Mo Beler, managing director and head of New York investment sales, managing directors Glenn Tolchin and Anthony Ledesma, and VP Matthew Spiegel, all with JLL, arranged the sale and joint venture partnership. JLL's managing director Max Herzog, VP Marko Kazanjian and analyst Matt Fagella handled the financing.
Mo Beler, managing director and head of New York investment sales, Jones Lang LaSalle
“The office property is fully leased to a mix of tenants in industries ranging from technology, advertising, media, information and architecture,” says Beler. “This asset presented the right investor with a rare opportunity to participate in the NoMad appreciation story through the acquisition of two well-leased, aesthetically pleasing loft-style office buildings that have been fully renovated and repositioned to meet rising market demand.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
