The New York office for Avison Young announced the sale of a 13,998-square-foot vacant office condominium occupying the entire seventh floor of a 13-story office building at 20 West 33rd Street between Fifth Avenue and Broadway. The condo was sold for $12,878,160 to Glocap Search LLC, an executive search firm.
Avison Young’s Tri-State Investment Sales team led by James Nelson, principal, Henry Post, associate, and David Lawrence, associate, represented the sellers 60 Guilders and The Carlyle Group in the negotiations. Rudder Property Group represented Glocap Search.
“This transaction is an excellent example of how a well-established firm can reap the long-term benefits of owning rather than leasing its office space,” Nelson said. “Glocap will enjoy tax benefits, own an asset that may appreciate in value, and maintain its built-out space for the long-term without worrying about leaving their contributions behind when the lease expires.”
“The sale of this unit is a testament to the strong demand we’re seeing for office condominiums throughout the market. The fact that we’ve been able to sell units from 2,811 SF to 13,998 SF speaks to the wide array of companies who understand the many benefits of purchasing their office space.” said Kevin Chisholm, managing partner and co-founder of 60 Guilders.
Avison Young is currently marketing several occupied office condos at 20 West 33rd Street, which offer investors in-place income, and vacant spaces that are ideal for end-users. There are units available from 3,528 SF to 20,014 SF at 20 West 33rd St., and one 2,811-square-foot occupied unit available in a separate building at 18 West 33rd Street. More information about the units is available here.
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