Germany's Deka Immobilien Investment GmbH has acquired 19 West 44th Street in Midtown Manhattan for $123.2 million from SL Green Realty. The 292,000 square-foot Class B office building on "Club Row" was previously purchased by SL Green in 2004 for $67 million. Since that purchase, SL Green made building improvements, including lobby and window upgrades and HVAC improvements; the new purchase price reflects a $422 per square foot value.
Commenting in an article about the sale and on current market conditions, Michael Knott, an analyst at real-estate research firm Green Street Advisors told the Wall Street Journal that "office leasing conditions are rolling along the bottom, not bouncing off of the bottom. This cycle is likely to see a very slow improvement … until companies become confident enough to start signing more paychecks."
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