General Growth to rent out top floor of 200 Lafayette

Lease expected to fetch nearly $90 per square foot

New York /
May.May 12, 2014 11:25 AM

General Growth Properties is offering up the top floor of 200 Lafayette Street, where JC Penney snapped up a lease for the entire seven-story building in a 15-year deal with three five-year options back in May 2012.

CBRE is handling the leasing, the New York Post reported, and no rent has yet been posted. But insiders tell the paper that the 16,780-square-foot space could snag as much as $89 per square foot, lightening the load for the struggling department store chain.

General Growth picked up the building from Jared Kushner in September for $148.75 million, and reportedly believes it can rent out the property’s retail space for as much as $6 million, sources told the Post. JC Penney, meanwhile, will continue to rent the property’s fourth, fifth and sixth floors to in-house fashion design teams.

Kushner and CIM redeveloped the 130,000-square-foot loft building after purchasing it in January 2012 for $50 million, investing an additional $5 million in the upgrades. [NYP]Julie Strickland


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