ATCO Properties & Management is in contract to buy RPW Group’s 18-story office Garment District office building for $108 million, or about $655 per square foot, sources told The Real Deal.
RPW is trading the first New York City office building it purchased, just two months after buying another property. It picked up the 44-story landmarked tower at 275 Madison Avenue from Aby Rosen’s RFR Holding for more than $270 million.
The property is 95 percent leased to a variety of TAMI and fashion tenants. Fashion designer Thom Browne is the biggest occupant at 20,000 square feet. Almost two-thirds of the tenants have leases expiring after 2020, the offering memorandum shows.
JLL’s Anthony Ledesma and Richard Baxter are brokering the sale.
Representatives for ATCO and RPW could not be reached for comment.