REALM, an investment collective of 130 family offices, has expanded its New York office holdings through the acquisition of the CitySpire office condominium in Midtown Manhattan. The 24-floor office condo, totaling 377,000 square feet within the 70-story tower at 156 W 56th St., was purchased at an 8.5% cap rate. REALM completed the transaction in partnership with Delshah Capital and A.M. Properties.
The office condo is 98% occupied and features renovated common areas and high-end finishes. The tenancy includes a mix of corporate and institutional users such as footwear company Caleres, law firm Windels Marx Lane & Mittendorf, LLP, and nonprofit organization New York Road Runners. According to the buyers, the asset requires no near-term capital expenditures following a recent investment program.
Originally built in 1987 and maintained under institutional ownership, CitySpire has benefited from approximately $22 million in capital improvements. These upgrades have modernized the property’s shared spaces and reinforced its positioning within the Midtown Manhattan office market. The buyers noted that the asset’s current condition and occupancy profile align with their focus on stabilized, high-quality office properties.
REALM characterized the acquisition as representative of the type of opportunities it targets in the current environment. Founder and CEO Travis King said the firm is concentrating on premier Midtown assets where leasing activity and occupancy have shown resilience relative to broader office market conditions. He added that CitySpire fits REALM’s strategy of making selective investments that emphasize downside protection alongside long-term upside potential.
The transaction comes against the backdrop of improving office fundamentals in Manhattan. REALM highlighted that Manhattan office leasing activity reached pre-pandemic highs in late 2025, reinforcing its conviction in well-located, institutionally maintained buildings. In that context, the acquisition of a nearly fully leased, recently upgraded office condominium at a going-in 8.5% cap rate reflects a yield-focused approach by family office capital in a still-cautious capital markets environment.
With Delshah Capital and A.M. Properties as partners, REALM’s purchase of the CitySpire office condo underscores continued interest from private capital in stabilized Midtown Manhattan office assets. While broader office sentiment remains mixed, the buyers are betting that strong occupancy, recent capital investment and a central Midtown location will support long-term performance at the property.
