Jared Kushner’s Kushner Companies and CIM Group will soon part with one of their marquee New York assets.
The partners are in contract to sell the 26-story, 465,000-square-foot office tower at 2 Rector Street for $225 million to Kevin Hoo’s Cove Property Group and Bentall Kennedy, a pension fund, the New York Post reported.
The price comes out to about $480 per square foot.
Eastdil Secured’s Doug Harmon and Adam Spies brokered the deal.
Hoo and Bentall Kennedy plan to market the building to boutique office tenants, apparently setting aside a plan pushed by Kushner last year to convert the property into a 452-unit residential building.
Kushner and CIM bought the Downtown property for $140 million in 2013 from Larry Gluck’s Stellar Management and Savanna, where Hoo was previously an executive. [NYP] – Ariel Stulberg