AEW Capital Management Sells Manhattan Office Mid-Rise for $72M

830 Third Ave.

AEW Capital Management has sold 830 Third Ave., a 147,068-square-foot Class A office building in Manhattan’s Midtown East in a $72 million off-market sale. The sale was financed by a $53.4 million acquisition loan held by Truist. JLL Capital Markets worked on behalf of the seller and procured the borrower, a joint venture between Empire Capital Holdings and Namdar Realty Group.

The 13-story building, located at the intersection of 51st Street and Third Avenue, was once the headquarters of Girl Scouts of America. Originally built in 1958, the building offers floorplans ranging from 8,200 to 12,300 square feet suited for smaller tenants seeking full-floor occupancy. The first three floors are connected by an indoor staircase, while the 12th floor features a private outdoor terrace.

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Located 5 minutes from Grand Central Terminal subway station and two blocks from Lexington Avenue, the boutique office building is within 1 mile of The Museum of Modern Art and Central Park, 3.2 miles from downtown Manhattan and 4.6 miles from downtown Brooklyn.

JLL Capital Markets Debt Advisory team formed of Senior Managing Directors Aaron Niedermayer and Maz Herzog, Senior Director Marko Kazanjian, Director Robert Tonnessen, Vice President Jackie Ferrer and Analyst Joy Dracos worked on behalf of the borrower.

JLL Capital Markets Investment Sales team led by Senior Managing Directors Andrew Scandalios and David Giancola, Managing Director Vickram Jambu and Vice President Jeniffer Zelko represented the seller.

Manhattan’s active office market

After acquiring it in 2001, AEW Capital Management upgraded the property with an improved lobby, storage space, elevator cabs and a bike room. The property is currently 62 percent leased, including 3,799 square feet of retail space occupied by Republic Bank.

Recently, ZG Capital Partners and Rialto Capital Management secured $175 million to close the $105 million acquisition of 20-story office tower Park53, also known as 45. E. 53rd St. or Banco Santander Building in Midtown, Manhattan.