NEW YORK—Clarion Partners LLC has paid $230 million for the acquisition of 100-104 Fifth Ave., a 277,412-sq.-ft. Midtown South property, from the Kaufman Organization and Invesco Real Estate. Kaufman Organization will serve as the property’s exclusive leasing and management agent.
The sale was handled by Studley’s capital transaction group.
Built in Comprised of two contiguous building originally designed for a single tenant in the early 1900s, the properties’ floors were structurally aligned to offer flexible individual or combined floor plates in a loft-style plan.
Currently fully leased, the property is in close proximity to Union Square, public transportation, green space, entertainment and an array of services.
The Kaufman Organization and Invesco embarked on a capital improvement campaign at the property after purchasing the asset in 2010. Improvements include upgraded elevators, lobby, and building systems.