Manhattan office market still hot even as private equity funds exit

New York

THE private equity and other pooled funds that made century-old buildings some of the hottest properties in Manhattan have been cashing out at double the rate of a few years ago, but strong buying from other investors has assuaged fears that the market is peaking.

The institutional investors and real estate investment trusts that are taking private equity's place indicate a comfort level for older buildings that have been renovated in Midtown South, the district accounting for many of the transactions.