Deutsche Asset Management’s Alternatives and Real Assets (ARA) business has acquired 405 Park Avenue for one of its investment funds.
The property was acquired in conjunction with MRP Realty. The purchase price was $240 million, according to published reports.
The 17-story, mixed-use office and retail building is situated in the Plaza District. The Park Avenue market has been the leading office corridor in the city and the allure of the location has allowed the submarket to maintain its premium status through multiple economic cycles with asking rents higher than other New York City properties.
“The investment is viewed as an opportunity to create value through the implementation of a renovation program which will improve 405 Park’s market position as a boutique, Class-A asset,” said Todd Henderson, for ARA. “This is a rare opportunity in one of the world’s premier office markets.”
“We’re thrilled to partner with Deutsche Asset Management on this unique investment and look forward to repositioning the building to trophy quality, in a trophy location,” said Ryan Nelson, Managing Director of MRP Realty.