JCPenney’s office building at 200 Lafayette Street, owned by a joint venture between Jared Kushner and Los Angeles-based private equity firm CIM Group, will be purchased by real estate investment trust General Growth Properties for just over $150 million in cash.
The deal, set to close at the end of the month, was signed in the last few days, sources told the New York Post, reportedly preempting the sales process spearheaded by Douglas Harmon and Adam Spies of Eastdil Secured.
Less than a month ago, Kushner and CIM were seeking between $150 and $170 million for the building, as The Real Deal reported. Kushner and CIM purchased 200 Lafayette, on the corner of Broome Street, from the Zaccaro family for $50 million in 2011. The partnership then invested $30 million to modernize the building.
Chicago-based General Growth owns 128 million square feet in 123 malls across the country, but one mall in Staten Island is so far its only holding in the five boroughs.
JCPenney signed a triple-net, 15-year lease in May 2012 for the building’s entire 127,559 square feet. An additional 16,130 square feet on the sixth floor is the only remaining space available, according to CoStar data cited by the Post. [NYP] — Julie Strickland