AFIAA has made its third investment in New York with the acquisition of a 118,074sqft office and retail property.
The Swiss foundation for international real estate investments said it bought the 158 West 27th Street property in Manhattan for an undisclosed sum.
Built in 1913 and extensively renovated between 2012 and 2018, the property is located in the Chelsea sub-market in Midtown South Manhattan.
Office space accounts for 97,526sqft of the property’s total usable floor space. The remaining 19,228sqft is dedicated to retail use.
The asset is currently 92% let.
The latest asset is the CHF2.6bn (€2.4bn) foundation’s third investment in New York and also its second investment this year. Earlier this month, AFIAA acquired a property at 45 West 45th Street in Manhattan from New York-based Vanbarton Group. AFIAA already holds an asset at 119-125 West 25th Street.
Ingo Bofinger, CEO of AFIAA’s international real estate investments, said: “This latest acquisition confirms our strategic direction at the global level and underscores our focused expansion plans.”
Sebastian Feix, AFIAA’s head of transactions international, said: “A few weeks after our latest acquisition in New York, the acquisition of 158 West 27th Street increased our US allocation to around 25% of total asset under management.
”With regard to our global investment strategy, New York is, and remains, one of the most interesting investment locations.”