The property is situated in an attractive location between 17th Street and 18th Street close to The High Line. The ambition is to develop a high-quality 10-story office building encompassing around 12,000 sqm together with the local property developer GDS Development.
"We continue to grow in New York together with partners with long experience and strong track record. The property is situated in the vicinity of the two project properties in Manhattan we acquired during 2018, which will have a positive effect on development and letting", says Rutger Arnhult, CEO of Klövern.
Transfer of possession of the site leasehold was on 1 June.