Gary Barnett’s Extell Developmentis putting its leasehold interest in an office property at 175 Varick Street on the market, following a large leasing deal at the building last month, the New York Observer reported. Jones Lang LaSalle’s Richard Baxter has been tapped to market the deal to potential buyers. The asking price wasn’t immediately available.
Earlier this month, Extell found a tenant, WeWork, a flexible office space provider, to take a 75,000-square-foot, 15-year lease at 175 Varick Street. JLL represented WeWork in the deal. Colliers International represented Extell.
Extell owns a 99-year leasehold on the 185,000-square-foot property, which is between Charlton and King streets, previously owned by the Lehman family, the Observer said. The building was formerly used by the family to house a printing business. There are 92 years left on Extell’s leasehold. [NYO]
