El-Gamal sells West 27th Street building for $65M
July 23, 2012
By: Adam Pincus
The San Francisco-based Walnut Hill Group has purchased Sharif El-Gamal’s 12-story Chelsea office building at 31 West 27th Street.
... The building, located between Broadway and Sixth Avenue, is in the booming Midtown South area, increasingly popular with technology firms. Walnut Hill already has some experience with tech firms. It owns a small, three-story building in Cupertino, Calif., leased entirely to computer maker Apple, data from commercial data firm CoStar Group shows. ...
Woody Heller, Will Silverman and Eric Negrin, all of commercial firm Studley, were the sole brokers on the transaction.
“It is a great result for both sides — the seller successfully exits a value-add investment, and the buyer has found an excellent, first office investment in New York, which plays to its strategic strengths,” Silverman said.
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