GGP selling office portion of 200 Lafayette

85K square feet of fully leased space is expected to net up to $120M

TRD New York /
Feb.February 23, 2015 03:20 PM

General Growth Properties is taking advantage of the hot market to put 85,000 square feet of fully leased Noho office space up for sale.

The real estate investment trust, which purchased 200 Lafayette Street in 2013 for $150 million, will hang on to the 40,000-square-foot retail portion of the property. The office space is expected to fetch up to $120 million, according to Crain’s.

“This is a building for an investor who wants to lock away money and leverage a good return,” said Darcy Stacom, who is marketing the property with her CBRE colleague Bill Shanahan. “The leases, while long term, have significant upside potential.”

JCPenney has a lease for a portion of the office space that extends until 2028, and Chobani recently inked a ten-year lease for two floors of office space, bringing the building up to full occupancy.

GGP purchased the property from Jared Kushner and CIM Group, who bought it in 2012 for just $50 million. [Crain’s] — Tess Hofmann 

 

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