Williams Equities Acquires Historic Midtown Building for $147.5M
Deal News | Jan 08, 2025 | Olshan Frome Wolosky LLP
Williams Equities has acquired a historic boutique office property located in Midtown South, New York City, for $147.5 million. The building, at 470 Park Avenue South, includes two interconnected structures rising to 12 and 18 stories and spans an entire blockfront between East 31st and 32nd Streets, encompassing 300,000 square feet. Prior owners SJP Properties and PGIM Real Estate had purchased the property in 2018 for $245 million. This acquisition was facilitated by Olshan Frome Wolosky LLP, with their real estate team led by Co-Managing Partner, Co-Chair of the Real Estate Law Practice, and Chair of the Commercial Leasing Practice, Nina M. Roket, alongside associate Melody Schor. This transaction represents a significant fluctuation in the property valuation since its last transaction.
Sectors
- Real Estate
- Legal Services
Geography
- United States – The transaction involves the acquisition of a property located in New York City, reflecting the article's focus on real estate activities in the United States.
- New York – As the property in question is located in Midtown South, New York City, this geography is directly relevant to the acquisition.
Industry
- Real Estate – The acquisition of a significant commercial property in New York qualifies the article under the Real Estate industry classification.
- Legal Services – Olshan Frome Wolosky LLP, a law firm, provided legal advisory services in the transaction, emphasizing the role of legal services in real estate deals.
Financials
- $147.5 million – The purchase price for the Midtown South office building acquired by Williams Equities.
- $245 million – The amount SJP Properties and PGIM Real Estate paid for the building in 2018.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Williams Equities | Buyer | Company | The real estate investment company that acquired the Midtown South office building. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | The law firm representing Williams Equities in the acquisition. |
| SJP Properties | Seller | Company | One of the previous owners who sold the Midtown South property. |
| PGIM Real Estate | Seller | Company | Co-owner with SJP Properties who sold the property. |
| Nina M. Roket | Co-Managing Partner / Lawyer | Person | Led the Olshan legal team representing Williams Equities in the transaction. |
| Melody Schor | Real Estate Associate | Person | Part of the Olshan legal team involved in the deal. |