A GVA source tells GlobeSt.com that the seller of the 25thStreet property was the Lasser Family, who owned the building for50 years. The source says that the buyer was a real estatepartnership, which consists of a group of entrepreneurs.
[IMGCAP(2)]The new owners have planed major renovations to thebuilding that they believe will help nearly double asking rentsfrom the mid $20s to $40s per sf. Within the next 12 months, anumber of leases will expire, freeing up 50,000 sf to 60,000 sf tolease at the higher rents.
"This was a great investment because leases are rolling in thisbuilding, making a renovation possible," notes Marty Meyer, seniorexecutive managing director at GVA Williams. "The renovation willmake the building more desirable to a wider range of potentialtenants and justify a significant increase in asking rents."
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