NEW YORK—Silverstein Properties and its partners Fisher Brothers, Capstone Equities, Migdal Insurance Co. and Arkin Holdings announced it has acquired the Beekman Tower in Midtown Manhattan.

The new ownership plans to invest approximately $25 million to renovate the interiors of the 153,000-sq.-ft., 174-room art deco hotel and convert the property into furnished luxury corporate apartment suites.

Fisher Brothers and Silverstein Properties are the co-developers of the conversion of the project; Silverstein Properties will manage and operate the property. Plaza Construction will be the general contractor of the renovation.

“The first time I visited the Beekman was on a date in 1955 with my fiancé Klara,” said Larry Silverstein, president and CEO of Silverstein Properties. “The restaurant was well known as a celebrity hangout with incredible views of Midtown and the East River. We rode the elevator up to the 26th floor where I took one look at the menu and realized I couldn’t afford to eat there. Now we are fortunate to have the opportunity to purchase this remarkable asset.”

Located at the pinnacle of Beekman Hill, Beekman Tower is located at 3-7 Mitchell Place. Designed by John Mead Howells and opened in 1929 as the Panhellenic Tower, the building originally provided affordable housing.

The property consists of two towers that are joined at street level. The building’s façade was designated a landmark by the Landmarks Preservation Commission in 1998.