Lincoln Property shopping Garment District office building

17-story, 208K sf property could sell for $125M: sources

TRD NEW YORK /
Oct.October 29, 2015 11:40 AM

Lincoln Property Company is looking to sell a 17-story Garment District office building at 250 West 39th Street, sources said. The property could fetch nearly $125 million, or $600 per square foot.

A JLL team led by Jon Caplan is marketing the 208,000-square-foot Art Deco property, located between Seventh and Eighth avenues, as a long-term investment opportunity, according to insiders.

Lincoln Property, a Dallas-based investment firm, bought it in 2007 from L&L Holding for $93.5 million, records show.

Caplan declined to comment, while representatives for Lincoln Property couldn’t be reached.

Built in 1926, the property is almost fully leased, with tenants such as suitcase manufacturer Tumi and fashion brand Harris Dolbee, which has a showroom there. Asking rents for office space are in the $40s per square foot. Café Kabila occupies the ground-floor retail space.


Related Articles

arrow_forward_ios
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

arrow_forward_ios
Loading...