Deutsche Asset Management Acquires Boutique Property in Leading New York City Office Corridor
May 04 2016 - 9:00AM
Business Wire
Deutsche Asset Management’s Alternatives and Real Assets (ARA)
business today announced that it has acquired 405 Park Avenue (405
Park) in New York City for one of its investment funds. The
property was acquired in conjunction with MRP Realty.
The 17-story, mixed-use office and retail building is situated
in New York City’s Plaza District, one of the most coveted office
locations in Manhattan. The Park Avenue market has been the leading
office corridor in the city and the allure of the location has
allowed the submarket to maintain its premium status through
multiple economic cycles with asking rents higher than other New
York City properties.
“The investment is viewed as an opportunity to create value
through the implementation of a renovation program which will
improve 405 Park’s market position as a boutique, Class-A asset,”
said Todd Henderson, Head of Real Estate in the Americas for ARA.
“This is a rare opportunity in one of the world’s premier office
markets.”
“We’re thrilled to partner with Deutsche Asset Management on
this unique investment and look forward to repositioning the
building to trophy quality, in a trophy location,” said Ryan
Nelson, Managing Director of MRP Realty.
Deutsche Asset Management – Real Estate
Deutsche Asset Management’s real estate investment business has
been investing in real estate assets for more than 40 years. As
part of the Alternatives and Real Assets platform, this business
today has more than 480 employees around the world, USD 52.2
billion in assets under management as of December 31, 2015, and
offers a diverse range of strategies and solutions across the risk
and return and geographic spectrums, including core and value-added
real estate, real estate securities, real estate debt and
opportunistic real estate. The real estate investment business
employs a disciplined investment approach and aims to deliver
superior long-term risk adjusted returns, preservation of capital
and diversification to its investors, which include governments,
corporations, insurance companies, endowments, retirement plans and
private clients worldwide. To learn more about Deutsche Asset
Management’s real estate investment capabilities, please go to
www.deutscherealestate.com.
An investment in real estate involves a high degree of risk,
including possible loss of principal amount invested, and is
suitable only for sophisticated investors who can bear such
losses.
Deutsche Asset Management
With about EUR 739 billion of assets under management (as of
March 31, 2016), Deutsche Asset Management¹ is one of the world’s
leading investment management organizations. Deutsche Asset
Management offers individuals and institutions traditional and
alternative investments across all major asset classes.
¹ Deutsche Asset Management is the brand name of the Asset
Management division of the Deutsche Bank Group. The respective
legal entities offering products or services under the Deutsche
Asset Management brand are specified in the respective contracts,
sales materials and other product information documents.
© 2016 Deutsche Asset Management. All rights reserved.
About MRP
Founded in 2005, MRP Realty is a real estate operating company
focused on opportunistic and value-add investment in the
northeastern United States, with offices in Washington, D.C.,
Maryland, Virginia, and Pennsylvania, and New York City. MRP
provides to its institutional capital partners a full array of real
estate services including: acquisition/disposition,
development/construction management, property management, asset
management and financial reporting services. Since the company’s
inception, MRP has deployed nearly $3 billion in total
capitalization, with another $2+ billion of active residential,
office, mixed-use, and industrial projects underway. MRP’s combined
development assets total more than 16 million square feet, with an
additional 7 million under management. 046446_1.0
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version on businesswire.com: http://www.businesswire.com/news/home/20160504005284/en/
Deutsche Bank AGPress & Media RelationsOksana Poltavets,
+1-212-250-0072oksana.poltavets@db.comorMRP RealtyKristian De Meo,
+1-202-719-9000kdemeo@mrprealty.com
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