US - CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.

The 1540 Broadway office building in Manhattan was purchased from Deutsche Bank for an undisclosed price on behalf of the CBRE Strategic Partners US Value V Fund, a commingled partnership property fund backed by institutional investors in the US, Europe and Middle East.

"We are very selectively acquiring and providing capital to owners of high-quality office assets in the premier US markets," said Vance Maddocks, chief executive of CB Richard Ellis Investors.

The 905,533 sq ft building is located close to Times Square and is 78% leased. A spokeswoman for the firm declined to say how much the building was bought for but reports in the US claim it was bought for around $355m (€277.7m).

The firm is planning to add a gym and conference centre and upgrade the cafeteria, building systems and lobby as part of a campaign to improve capital. The campaign, called the 5-Star Worldwide service programme, is designed to increase tenant satisfaction by providing amenities and services.

The US-based CBRE Strategic Partners US Value V Fund is valued at $2.1bn and focuses on investing in offices, industrial and multi-family properties in major North American metropolitan areas.

The fund was closed to investors on 14 May 2008 and claimed to have $6.4bn in purchasing power.

CB Richard Ellis Investors had $38.5bn in assets under management at 31 December 2008.

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