Olympus enters Manhattan office market with purchase of 417 Fifth Ave.

Dallas-based Olympus Real Estate Partners has acquired its first Manhattan office property, 417 Fifth Ave., through its newly formed joint venture with Murray Hill Properties, a New York-based management company. The partnership purchased the 11-story, 412,000 sq. ft. property for an undisclosed price.

Located at the corner of Fifth Avenue and 38th Street in the Grand Central Station District in Midtown, 417 Fifth Ave. was built in the 1910s and was renovated recently as part of a $15 million capital improvement project.

The building is 98% occupied, with tenants including The Canadian Imperial Bank of Commerce, GT Interactive and Turner Broadcasting.