The Real Deal New York

Billy Macklowe sells majority stake in 156 William Street to LaSalle for $55M

Developer will continue to manage 12-story, 250K sf FiDi office building

January 22, 2016 05:30PM
By Rey Mashayekhi and Kyna Doles

156 William Street

From left: 156 William Street in the Financial District and Billy Macklowe

UPDATED, 5:45 p.m., Jan. 22: Billy Macklowe sold a majority stake in his 12-story Financial District office building at 156 William Street to LaSalle Investment Management for around $55 million last month.

Chicago-based LaSalle closed on a majority interest in the 250,000-square-foot building Dec. 31, with William Macklowe Co. retaining a minority and managing stake in the property. Adam Spies and Douglas Harmon of Eastdil Secured brokered the transaction.

Just a day before the LaSalle deal closed, Macklowe also sold two commercial condominium units at 156 William Street to an independent children’s school for $27.2 million.

The Blue School, which offers preschool to eighth-grade education, closed on the second- and third-floor units at the building, according to property records filed with the city Friday. The building is located only a few blocks from the school’s main campus at 241 Water Street.

William Macklowe Co. acquired 156 William Street from private equity firm Capstone Equities for more than $62 million in December 2013, with plans to convert the property into a medical services facility.

Macklowe eventually filed a successful condo declaration this past October that designated three commercial condo units at the office building — with one unit located on each of the property’s first, second and third floors, according to city property records.

The deal with the Blue School sees the institution acquire the units on the second and third floors created by the condo declaration. The Blue School did not return requests for comment.

A William Macklowe Co. spokesperson confirmed both the condo declaration and LaSalle’s investment in the building. Billy Macklowe did not return a request for comment, while the Macklowe spokesperson said he was unaware of the sale of the commercial condos to the Blue School.

Macklowe recently teamed with a subsidiary of Iowa-based Principal Financial Group to acquire a 14-story Hell’s Kitchen office building from Atlas Capital Group for $107 million, as The Real Deal reported.

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