$110M Takes 301,000-SF 54th Street Building

NEW YORK CITY-KBS Realty Advisors has purchased 619 W. 54th St. for $110 million. The 301,000-sf building was sold by ARRI, a German movie camera production company.

The fully leased building is occupied by 10 tenants including furniture company Grainger, which just took 25,000 sf of ground-floor space to serve as both an office and showroom. 619 W. 54th St, which sits between 11th Avenue and the Westside Highway, also has 21 parking spaces.

“KBS was attracted to this property because of its good condition, efficient floor plates, expansive loading dock and on-site parking features which in total are unique amenities in the submarket,” says Shannon Hill, SVP for KBS. “The property is in very good condition, offers efficient floor plans and has good light and air and views from the upper floors.”

Other tenants include Universal Music, Atlantic Recording and Wachtell Lipton & Rosen. Hill tells GlobeSt.com that the average rental rate in the building is $22 per sf.

The building which was built in 1930 will receive some upgrades. Hill says, “We plan on upgrading building systems as required, renovating common area bathrooms and renovating the main entry way.”

KBS’s Hill represented the firm, while Newmark Knight Frank’s David Noonan represented ARRI.

KBS, which started in 1992, has invested about $7 billion in the commercial real estate market since its inception.