Newly landmarked 70 Pine sells for $205M

After being designated a landmark only two days ago, 70 Pine Street has been sold to Nathan Berman’s Metro Loft Management for $205 million, or $186 per square foot, according to the Post. Metro signed on to buy the 1.1 million-square-foot tower, the fifth tallest in the city at 66 stories, from Kumho Investment Bank of South Korea.

Metro plans to turn the property into residential rentals.

Kumho previously purchased the building, along with 72/74 Wall Street, from AIG for $150 million.

The deal was brokered by a team of agents from Jones Lang LaSalle, including Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan, which did not offer the building publicly but rather went straight to Metro.

Metro’s portfolio includes 17 John Street, 63 and 67 Wall Street, 20 Exchange Place And Several Buildings On William Street. [Post] and [Crain’s]