7/18/2007

Principal Real Estate Investors buys NYC office building

by
New York City--Des Moines, Ia.- based Principal Real Estate Investors and Manhattan-based Mermel & McLain Management have bought a 195,000 square-foot midtown Manhattan office building for an undisclosed amount.

The glass tower, dubbed the Springs Mills Building for its previous textile manufacturer owner, overlooks Bryant Park in the city's garment district.

Springs Industries, which built the tower in 1963, remains its largest tenant, leasing more than 75,000 sq. feet of space.

In Nov. 2005, Mermel & McLain and Bethesda, Md.-based ASB Capital Management paid RFR Realty $120 million in a broker-less transaction for the building, touting plans add 70,000 sq. feet worth of new apartments to the structure.

In Aug. 1999, RFR paid Springs Industries $29.5 million for the building. RFR represented itself, while Darcy Stacom and Steve Olvany of Cushman & Wakefield represented Springs in the transaction.

Known tenants include the National Geographic Society, Molod, Spitz, DeSantis & Stark, and Sakura Information Systems.

A subsidiary of the (PFG), Principal Real Estate Investors is the fourth-largest institutional real estate manager in the U.S. with $40 billion in assets under management according to Pensions & Investments.


Address: 104 W. 40th Street, NYC (map)

Size: 20 stories/210,000 sq. feet

Built: 1963

Architect: Harrison, Abramovits & Harris

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Filed Under: Office

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