The Real Deal New York

JMC Holdings doubles money with $48M office condo sale

LaSalle Investment Management is the buyer of top three floors at 99 Hudson Street
July 13, 2015 09:01AM

JMC Holdings sold an office condo spanning the top three floors of 99 Hudson Street to LaSalle Investment Management for $48 million, more than doubling what it spent several years ago.

JMC purchased the Tribeca space from the NAACP Legal Defense and Educational Fund for $18.5 million in October 2012. The company spent $6.5 million on renovations, including building out the roof deck.

The 35,000-square-foot condo is nearly fully leased. Unilever occupies the top two floors and the roof deck, the Wall Street Journal reported.

“The physical attributes of the building were very compelling,” said Matt Cassin, founder and managing parter of JMC. “It has high ceilings, great views and a great location in the heart of Tribeca, where there is not a lot of office supply.” [WSJ] — Tess Hofmann