NEW YORK CITY—An office penthouse at 99 Hudson St. has changed hands in a $48-milion deal. The seller realized a gain of $23 million on its three-year-old investment at the Tribeca property when including purchase, renovation and re-leasing costs.

Real estate investment firm JMC Holdings sold the fully leased 34,742-square-foot penthouse office space to LaSalle Investment Management. JMC, which is headed by Matthew Cassin and David Taylor, purchased the penthouse in 2012 for $18.5 million and since then invested another $6.5 million to renovate and re-lease the space. The unit spans three floors and also features a private access roof deck. JMC Holdings purchased the penthouse from the NAACP.

“We achieved an excellent return for our investors with the sale of 99 Hudson St. Our business plan also effectively established one of the best office spaces in the neighborhood, which we know will be maintained by LaSalle Investment Management,” says JMC Holdings founder Cassin. “LaSalle is well positioned to maintain and add further value to the property given the firm's excellence in active asset management.” 

Kevin Donner of Eastdil Secured worked on behalf of JMC Holdings, while LaSalle Investment Management represented itself in the sale transaction.

In 2014, JMC Holdings leased the penthouse space to Unilever, which signed a deal for the top two floors, and to the New York City Regional Center, a real estate finance company, which leased the entire 15th floor of 99 Hudson St.