Clarion Partners has completed the sale of 114 West 41st Street, a 22-story office tower located in Midtown Manhattan, for $133 million. The deal involved a buyer group led by Axonic Capital, which secured the majority stake, along with AM Management and EYN Holding. Eastdil Secured confirmed that the transaction was arranged by managing directors Gary Phillips and Will Silverman, alongside director Jeff Organisciak.
The 2025 sale marks a significant 52.8% decrease in valuation compared to 2018, when Clarion acquired the property from Blackstone’s EQ Office for $282 million—equivalent to just over $800 per square foot at the time.
Originally constructed in 1915, the 340,208-square-foot building has undergone multiple renovations over the years, with the most recent upgrades completed in 2023. These improvements aimed to modernize the property while preserving its historical charm.
“As tenants in the market gravitate towards higher-quality, institutional assets, we are confident the redesigned common areas will provide a more productive, inspiring, and enjoyable location for their organization,” said Margaret Egan, Senior Vice President of Asset Management at Clarion Partners, in a 2023 statement.
The transaction reflects ongoing trends in office real estate, where older buildings with modern upgrades continue to attract investor interest in the post-pandemic commercial landscape.
