Terminal Stores, which currently houses the offices of Uber and L’Oréal, among others, was valued at $300 million in 2014 when GreenOak Real Estate bought a 49 percent stake in Waterfront New York’s 1.2 million-square-foot building. The sale to L&L and Normandy, who teamed up as a joint venture for the deal, reflects the booming growth in the area, as the Wall Street Journal first reported.
Waterfront bought the property in 1983 for about $12 million and the owners invested $50 million into updating office and retail spaces since 2014.
L&L and Normandy reportedly plan to revamp the property’s interiors and convert 500,000 square feet worth of storage space into leasable area.
The deal comes after Google’s $2.4 billion all-cash purchase of Chelsea market earlier this year.
The Real Deal reported last year that L&L was teaming up with a domestic pension fund in preparation for a buying spree to the tune of $4 billion in New York City; they were on the prowl for new value-add deals, as L&L president Robert Lapidus put it then.