A partnership of Washington, D.C.-based MRP and Deutsche Asset Management’s Alternatives and Real Assets (ARA) have closed on the purchase of 405 Park Avenue in New York City for $240 million. The 17 story, 175,000 sqf mixed use Midtown building is located on the corner of East 54th Street and traded for $1371 per sqf. The seller, Donerail Corp., has owned the building since 1981. “The investment is viewed as an opportunity to create value through the implementation of a renovation program which will improve 405 Park’s market position as a boutique, Class-A asset,” said Todd Henderson, Head of Real Estate in the Americas for ARA. “This is a rare opportunity in one of the world’s premier office markets.”
