DEKA Sells The Westory in DC for $159M

DEKA Immobilien Investment GmbH, a German real estate asset manager, announced that it had sold The Westory for $159.36 million to New York Life Insurance Co. According to a CoStar report, Savills LLC advised the open-ended property fund managed by Deka Immobilien of Germany in the sale.

The 12-floor, 270,158 square foot property is managed and leased by Cassidy Turley. The Westory became DC’s first multi-tenant office building to receive LEED® for Existing Buildings in May of this year. On the corner of 14th and F Streets, The Westory was built in 1990 and designed by Shalom Baranes Associates.

For more news and information visit Blumberg Capital Partners.

Deka Immobilien Investment Picks Up Manhattan Tower for $123M

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."

For more news and information visit Blumberg Capital Partners.