**Olmstead Properties and Vertex Acquire Midtown South Office Buildings for $104 Million**
Olmstead Properties, in partnership with the newly launched investment platform Vertex, has acquired two office buildings located at 373 and 381 Park Avenue South in Manhattan’s Flatiron District. The properties were purchased from ATCO Properties & Management for a total of $104 million.
This acquisition marks a strategic reentry into the market for Olmstead Properties, a family-owned firm with a legacy spanning over a century in New York City real estate.
“373 and 381 Park are quintessential Olmstead buildings — classic architecture, prime location and untapped potential,” said Steve Marvin, executive managing director at Olmstead Properties.
Kate Hemmerdinger Goodman, co-president of ATCO, commented on the firm’s decision to sell: “Our family’s century-long stewardship of ATCO Properties, which now spans four generations, has instilled in us the value of portfolio discipline and strategic agility. The timing was right, and the future of these buildings is in the strong hands of Olmstead Properties, another 100-year-old New York City family-run business.”
The transaction was brokered by Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin of Newmark. Empire Capital Holdings, which initially entered into contract to acquire the buildings earlier this year, will retain a minority ownership stake.
The acquisition underscores the long-term confidence of both Olmstead and Vertex in the Midtown South office market and its continued appeal to tenants seeking well-located, character-rich office space.
