NEW YORK—Deutsche Asset and Wealth Management’s real estate investment business (formerly RREEF Real Estate) has acquired the leased fee interest in The Milford hotel in New York City on behalf of an institutional investor. The investment is subject to a new 99-year ground lease and was acquired in an off-market transaction in partnership with David Werner, a New York-based investor.

Located at 700 8th Ave. in Times Square, The Milford hotel contains 1,331 rooms and is within walking distance to Penn Station, Madison Square Garden, the Jacob Javits Convention Center and public transportation. Constructed in 1928, the property is currently undergoing an extensive renovation.

“We are pleased to add this high-quality investment to our client’s portfolio,” said Todd Henderson, head of real estate, Americas, at Deutsche Asset and Wealth Management. “Acquiring the leased fee interest in a prime New York City location is expected to provide strong and durable long-term returns.”