JLL Capital Markets handled the sale of the 315-unit luxury property.

CBRE is also shifting its own flex space unit to Industrious as it doubles down on this sector.

Hill says the federal leasing environment is primed for significant activity as government agencies reconfigure their office footprints.

The plans are for either one 1.133-million-square-foot building or two separate 550,505-square-foot buildings.

The fund will focus on transitional multifamily, office, and retail assets, especially those located within mixed-use developments.

The value of its 25% interest in the commercial condo units is $275 million, or $793 per square foot.

This tops Stone Point Capital and Insight Partners' earlier bid of $6 billion.

It is hoped that the new project could spur new development in Lower Manhattan