Clarion Drops $225M On NYC Office Tower

Law360, New York (May 28, 2013, 6:34 PM EDT) -- Real estate investment fund manager Clarion Partners LLC has agreed to buy a century-old office building on Fifth Avenue in Manhattan from Kaufman Organization and Invesco Ltd. in a deal that could be worth up to $225 million, a person familiar with the deal said Tuesday.

Clarion Partners will pick up the 100-104 Fifth Ave. property in Manhattan's Midtown South neighborhood, a 17-story office tower that was built in 1905. Kaufman and Invesco paid $93.5 million to acquire the building from now-bankrupt Rock Joint Ventures in...
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