Olmstead Properties, in partnership with a newly launched investment platform Vertex, has acquired the Flatiron District office properties at 373 and 381 Park Ave. South from ATCO Properties & Management for $104 million. The transaction marks a reentry into the acquisitions market for Olmstead Properties, a family-owned firm with more than 100 years of experience.
“373 and 381 Park are quintessential Olmstead buildings — classic architecture, prime location and untapped potential,” said Steve Marvin, executive managing director at Olmstead Properties.
At ATCO, co-president Kate Hemmerdinger Goodman said, “Our family’s century-long stewardship of ATCO Properties, which now spans four generations, has instilled in us the value of portfolio discipline and strategic agility. The timing was right, and the future of these buildings is in the strong hands of Olmstead Properties, another 100-year-old New York City family-run business.”
Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin of Newmark brokered the transaction. Empire Capital Holdings, which initially contracted the purchase earlier this year, will retain a minority stake in the property.
The post Olmstead, Vertex Acquire Two Midtown South Properties for $104M appeared first on Connect CRE.