Delshah Capital and REALM Acquire CitySpire Office Condo

In a market where many buyers still hesitate over Manhattan offices, Delshah Capital has made a large bet on one of Midtown's best-known towers. The company announced on May 26, 2026 that it had acquired the office condominium portion of CitySpire, effective May 21, partnering with REALM and A.M. Property Holding Corp. The purchase includes about 377,000 square feet of office, retail and ancillary space across 24 floors of the Helmut Jahn-designed tower at 156 West 56th Street, which the company calls one of Midtown Manhattan's most recognizable postmodern skyscrapers.

The Asset and Its Tenants

According to Delshah, the property is 98% leased with a weighted average lease term approaching eight years, and is anchored by long-term institutional and professional tenants including the law firm Windels Marx Lane & Mittendorf LLP, New York Road Runners and the footwear company Caleres. The release says the building has been through an extensive capital improvement program in recent years, with more than $20 million spent on common area renovations, elevator modernization, cooling tower replacements and new pre-built office installations designed to compete with newer Class A inventory.

The release does not state a purchase price. Trade publications reported that the partnership agreed in February to buy the office portion from Tishman Speyer and GIC for about $135.7 million, and a later report of the recorded sale put the figure at $130 million.

The Strategy Behind the Deal

Delshah describes the acquisition as a reflection of its conviction in well-located, institutionally relevant New York City office assets, particularly properties with strong tenancy, recent reinvestment and what it calls basis advantages created during recent years of market dislocation. The company also points to improving fundamentals across Midtown, saying demand for upgraded, amenitized space in the Plaza District has stayed resilient as employers emphasize in-person collaboration and a flight to quality.

"This was a highly strategic acquisition for us. The combination of location, tenancy, capital improvements, and the structure of the transaction itself created a rare opportunity to acquire a premier Plaza District office asset at an exceptionally attractive basis. We continue to believe strongly in high-quality New York City office product that meets the evolving demands of today's tenants."

— Michael Shah, Founder and Chief Executive Officer, Delshah Capital

Michael Bacon, Executive Managing Director and Head of Capital Markets & Acquisitions at Delshah, says the partnership reflects the continued evolution of Delshah's investment platform and its ability to align with sophisticated family offices and institutional capital on larger and more complex transactions. REALM founder and CEO Travis King says the collective is "excited to enter the New York City market at what we believe to be an opportune time and alongside experienced and trusted partners."

The Partners

Delshah Capital is a New York City-based, vertically integrated real estate private equity and asset management firm focused on multifamily, office, retail and hospitality investments across the city. Founded in 2006, it owns and operates a portfolio of more than two million square feet across the five boroughs.

REALM is an invite-only investment collective of more than 130 family offices dedicated to direct real estate investing. Its principals have more than $6 billion of real estate transaction experience across property types, geographies and market cycles. Bacon describes the CitySpire deal as the kind of "strategic, relationship-driven acquisition platform" Delshah intends to keep expanding.