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.
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