SOLD: 2016, $54,000,000
PARTNER: Assurant (NYSE: AIZ)
LENDER: Allstate Investments (NYSE: ALL)
BUILDING SQUARE FOOTAGE: 78,426 square feet
Hidrock Properties acquired this property with Assurant (NYSE: AIZ) in June of 2007. During the first nine months of ownership, work was performed on a new lobby, tenant entry doors, new bathrooms and redistribution of electric service throughout. Additionally, work on new elevator cabs and common corridors were completed. Within a year, Hidrock was able to successfully implement its value-added strategy, increasing the average rent per square foot by approximately 56%.
The mix of tenants included technology firms, social media consultants, public relations companies and professionals. The building was awarded an Energy Star label in 2012 for its operating efficiency and is conveniently located within walking distance to Penn Station, Port Authority, Grand Central Station and most major subway lines.
Amenities include a doorman and 24/7 key-card access. Internet
availabilities include Verizon Fios and Time Warner Cable.
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