Dallas-based Gaedeke Group has closed on an acquisition of 44 Wall Street in Lower Manhattan for $200 million. New York-based advisory firm Finback Real Estate advised Gaedeke. New York-based George Comfort & Sons, Inc. will operate the asset on behalf of the new owner.
Built in 1927, 44 Wall Street is a 24-story, 354,000-square-foot class A office property. In 2016, the building’s previous owner invested approximately $24 million to renovate and modernize the building, which at the time of contract was 80% occupied and is 84% occupied today.
“Gaedeke came to Finback to provide assistance with efficiently sourcing, underwriting and closing on the purchase of an asset meeting their specific investment criteria within a defined time period. Finback’s knowledge of the Manhattan office market fundamentals and relationships with local owners and investment sales professionals, allowed Gaedeke to achieve its goals,” said Michael O’Callaghan, president of Finback Real Estate. “Finback underwrote 41 assets for purchase, including 30 off-market and 11 marketed properties across 15 submarkets throughout Manhattan over an eighth-month period before landing on 44 Wall Street.”
Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward Elliott represented the seller in the transaction.
“Partnering with Finback on this investment mandate enabled Gaedeke to gain extraordinary access to Manhattan investment opportunities and underwriting support,” said Sabine Stener, CEO of Gaedeke Group. “Having a senior and well-respected team with boots on the ground positioned Gaedeke as a credible player in the difficult-to-penetrate NYC institutional office market.”
