Israeli insurance Migdal Group has acquired a 49 percent stake joint venture for the ownership of 240-246 West 35th Street.
The 18-story, 165,000 s/f, located between 7th and 8th Avenue in Garment District owned by ATCO Properties & Management. It was acquired in 2016 from RPW Group for $108 million.
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After the acquisition, the building went under renovation that included the upgrading of the lobby and elevators.
ATCO did not disclose the purchase price for the 51 percent ownership stake.
Tenants in the building include men’s fashion and eyewear designer Thom Browne, the hip-hop magazine, the Source, media group Newsday, foreign-language school Spanish American Institute, fashion designer Jason Wu, and technology company Fidelus Technology.
Damon Hemmerdinger, co-president of ATCO, said in a statement: “This transaction is a key indication of the strength of the Midtown West office market, specifically around Hudson Yards and transportation infrastructure,”
ATCO is a fourth generation family-owned company, which presently owns and manages more than about 35 buildings, including 40 Central Park South and 555 Fifth Avenue.
Giant Migdal Group it owns about $67 billion in assets worldwide.
