As GlobeSt.com previously reported, Lincoln purchased 95 Morton St. in January 2004 from joint sellers, Brack Capital Real Estate and Steller Management, for $68 million. At the time, the eight-story 203,412-rentable-sf boutique office building marked the company's first venture into the New York City real estate marketplace. Stein told GlobeSt.com at the time, that it possessed all of the qualities Lincoln was seeking, namely "an exceptional location, excellent condition, strong tenancy, operating efficiency and a unique ambiance."

Negrin, one of the brokers handling the potential sale, tells GlobeSt.com that CBRE is just getting into the marketing process at this time, but that the property is "definitely on the market." He says that the firm has not formerly set a bid date as of yet, but that there has been a lot of buyer interest so far. "We've gotten a wide range of interest from different types of buyers," he says, adding that there has been local player interest, institutional money has been taking a look, and "offshore guys that are intrigued by the neighborhood."

Although Negrin would not disclose an asking price, he notes that it is "market price" and that Lincoln will "make a profit." He says that the building has great river views, was recently renovated, and is attractive for its "outstanding credit-tenant roster."

Deborah Jackson, executive managing director of Weiser Realty Advisors LLC, who is not involved in the potential sale, tells GlobeSt.com that it is difficult to figure out what "market price" is exactly in this location. There have not been a lot of sales in this building's submarket, she notes, adding that those that have sold, have been much smaller in size, such as the 22,519-sf 108 Charlton St. sale in June for $555 per sf.

Jackson says that this is a submarket with a large amount of class B and class C space and a vacancy rate of around 14%. She did say, however, that this particular property is well leased and is of a larger size than a number of other buildings in the area. The building was constructed in 1911, was gut renovated in 1999/2000, and is situated on the northeast corner of Morton and Washington streets. The main lobby underwent a thorough renovation in which it was finished with contemporary stone and wood accents, fixed glass windows with a reception desk in the rear. The building's exterior is composed of beige brick and limestone and was recently cleaned and coated as part of the overall building renovation.

As far as reasons for selling, Negrin says that "it's just one of those things where folks are re-evaluating their portfolio." Stein could not provide further information as far as reasoning behind the sale at this time.

The building is a short walk from the Christopher Street 1 & 9 subway stop in Manhattan's West Village and just more than a block south of the Christopher Street PATH station. According to MrOfficeSpace.com, office tenants include: Lava Trading; SAP America Inc.; Tech Space LLC; Walker Group/CNI; and Xerox Corp.

Lincoln also recently sold its 100,000-sf 700 Broadway asset for $70 million, as GlobeSt.com reported.