LaSalle Investment Management has paid $125m for a five-floor office condominium at 200 Lafayette Street in Manhattan using $100m in acquisition financing from Deutsche Bank, Real Estate Capital has learned.
The seller, General Growth Properties (GGP), put the fully-leased 80,000 sq ft condo in the NoHo neighborhood up for sale earlier this year.
GGP paid $150m for the entire 19th century loft-style building in October 2013, including a 40,000 sq ft 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 just $50m, completing a $30m 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, later ditching plans to open a department store at the address and filling just three of the five office floors.
Greek yogurt company Chobani has since leased the two remaining office floors and San Diego, California based home decor chain Pirch is said to be leasing a majority of the retail space.