NEW YORK—William Macklowe Company (WMC) and partner Principal Real Estate Investors LLC have formed a joint venture to acquire 386 Park Ave. South.

Located at the northwest corner of 27th Street in Midtown South, the property totals 270,000 sq. ft. of space and was acquired from a joint venture comprised of Savanna Investment Management LLC and Monday Properties.

“We recognize the significant upside potential of this opportunity and look forward to repositioning the building and pursuing an aggressive leasing campaign that will allow us to address the needs of the pent-up demand in the Midtown South submarket,” said Billy Macklowe, CEO of WMC.

Planned improvements to the property include upgrading the front entrance, renovating the lobby, installation of new elevators and seeking LEED certification.