Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.
The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.
Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents.
130 Prince Street, which Waterman Interests and JP Morgan Asset Management-advised investors bought in 2007 for $112 million, has sold to Invesco Real Estate five years later for $140.5 million.
The 88,000-square-foot building is fully-leased and home to tenants M.A.C. Cosmetics, Lacoste and True Religion Jeans, with M.A.C. as the office space tenant.
Tod Waterman, founder and managing member of Waterman Interests, referenced the return that its investors will receive on 130 Prince Street and the firm’s desire to match the results as it continues “to grow the company in the Manhattan office market.”