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NEW YORK CITY-Dallas-based Lincoln Property Co. has purchased 700 Broadway from the National Audubon Society for $53 million in an off-market transaction. When the non-for-profit purchased the eight-story, 100,000-sf building in 1989 it completely renovated the property with the latest in green technology.

The building is almost completely leased with non-for-profit tenants, according to James Stein, senior vice president in Lincoln’s New York office, but many of the leases will expire in 2007, giving Lincoln the chance to fill the green office building with new creative, media-type tenants. Most of the non-for-profits are expected to vacate the building as it will no longer be tax-exempt under the new ownership.

Audubon will vacant the building and lease space elsewhere in the city. The organization will upgrade the new facility to meet LEED certifications for green building, according to Stein. When Audubon renovated 700 Broadway it was considered the first green building in the city, which was a little-known concept at the time as LEED certifications did not exist. Stein says the architect who worked on the renovation told him the building is still the most green property in Manhattan, surpassing even 7 World Trade Center and 4 Times Square. The Bank of America building, currently under construction, will be the first to surpass 700 Broadway.

On Friday, Lincoln listed the property on Co-star and has already received 175,000 sf of inquiries. Stein says the building’s location across from New York University, the area’s 1.5% vacancy rate and the building’s green status are the major drawing factors. The asking rent for the building is $60 per sf, a higher-than-average number for the area, but Stein says the green status justifies the higher rent. He hopes to have lease deals signed by the third quarter 2007.

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