New construction is being developed in Midtown South, but the supply under construction represents a minimal addition to the submarket's office inventory. Additionally, the averaging asking rent in Midtown South has increased to $47.36 per square foot in the fourth quarter of 2012, up from $46.80 per square foot in the third quarter and $41.68 per square foot in the fourth quarter of 2011, according to Colliers. The buyer of the Yeshiva University office properties, a joint venture between Brickman Associates and DivcoWest, was represented in-house in the transaction. The companies plan to make capital improvements to the buildings in order to appeal to technology-based tenants. Murphy, Michael Cohen, Louis Prisco and Margaret O'Keeffe of Colliers International represented Yeshiva University. Colliers International is the third-largest commercial real estate services firm in the world. The company has more than 12,300 employees operating from 520 offices in 62 countries. — John Nelson