Deutsche buys Manhattan office building for $240m
Deutsche Asset Management’s Alternatives and Real Assets division has acquired 405 Park Ave. in New York City on behalf of one of its investment funds. The property was acquired in conjunction with MRP Realty. Terms of the transaction were not disclosed; however, Real Capital Analytics has identified the sales price as $240 million.
“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, head of real estate in the Americas at Deutsche Asset Management. “This is a rare opportunity in one of the world’s premier office markets.”
The 17-story, mixed-use office and retail building is situated in Manhattan’s Plaza District.