NEW YORK CITY—LaSalle Investment Management has purchased a five-floor office condominium at 200 Lafayette St. for $125 million, reports Real Estate Capital. The firm conducted the transaction with $100 million in acquisition financing from Deutsche Bank.
The seller—General Growth Properties—put the fully-leased 80,000-square-foot condo in the Noho neighborhood up for sale earlier this year.
GGP paid $150 million for the entire 19th century loft-style building in October 2013, including a 40,000-square-foot retail space that was not part of the LaSalle deal.
The previous owners—a partnership between Kushner Companies and CIM Group—acquired the property in January 2012 for $50 million, completing a $30 million gut renovation that included new HVAC systems, elevators, electrical systems, lobby, roof deck and façade restoration.
Kushner leased the entire building to JC Penny in May 2012. The department store chain initially sought to move into both the retail and office space but later ditched those plans in order to open a department store at the address and fill just three of the five office floors.
Greek yogurt company Chobani has since leased the two remaining office floors and Pirch, a San Diego, CA.-based home decor chain is said to be leasing a majority of the retail space.
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