175 Water St. is positioned in the heart of the NYC's Seaport
District and offered a true value-add opportunity
NEW
YORK, Oct. 17, 2022 /PRNewswire/ -- JLL's
Capital Markets group announced today that it has closed the
$252 million sale of 175 Water St., a
31-story, 684,500-square-foot office tower prominently positioned
in downtown Manhattan.
JLL marketed the property exclusively on behalf of the seller,
Vanbarton Group, and procured the buyer, 99c LLC.
175 Water St. is a fully vacant office tower offering a variety
of repositioning opportunities. The property was renovated in 2014
and features a center core configuration with flexible
24,000-square-foot floorplates. Each floor offers 12-foot ceiling
heights with expansive windows and an abundance of natural light
and air. Additionally, the tower has two usable rooftop terraces
with protected views of New York
City and all three East River bridges.
"99c is tremendously excited to deliver a comprehensive re-use
plan in a prominent FiDi location. The fabric of the Fox
Fowle-designed building is visible from the Brooklyn waterfront and a prominent part of
Fidi's skyline," said 99c co-founder Carlo
Bellini. "When considering the challenges some commercial
buildings are facing post-pandemic, we at 99c are looking for
unique and sustainable ways to reinvent such spaces."
Located within the Seaport submarket of downtown Manhattan, 175 Water St. has exceptional
accessibility throughout Manhattan
and the entire New York City metro
area via numerous subway lines and PATH trains. In addition, the
property is served by numerous bus lines and is close to the New
York Waterway East River Ferry. The Seaport submarket is
New York's original commercial hub
and has received more than $30
billion in public and private funding in the last decade
that has revitalized the area to a 24-hour live-work-play
neighborhood. Residential demand in downtown Manhattan has been on the rise with only a
3.3% vacancy rate and less than 400 units under construction.
JLL's Capital Markets Investment Sales Advisory team
representing the seller was led by Senior Managing Directors
Andrew Scandalios and David Giancola, Managing Directors Vickram Jambu and Marion
Jones, Senior Director Steven
Rutman and Director Alexander
Riguardi.
"175 Water St. received a generous amount of investor interest
given the nature of the building, which provided a blank canvas to
reimagine and reactivate the property as a best-in-class office
tower or consider alternative uses," Scandalios said.
"Downtown Manhattan and
particularly the Seaport submarket is going through a
transformative period for both office and residential uses," Jambu
added. "Between the interest in this building and the results we
achieved through this process, we think this transaction signifies
the strengthening of the New York
City office market."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
firm's in-depth local market and global investor knowledge delivers
the best-in-class solutions for clients — whether investment and
sales advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please
visit our newsroom.
About 99c LLC
99c is a specialty financing and
development firm focused on adaptive reuse development within urban
markets. The firm is actively looking to broaden its New York portfolio.
About Vanbarton Group
Vanbarton is a privately
owned, vertically integrated boutique commercial real estate firm
founded in 1992 that invests in both credit and equity strategies
across multifamily, office, medical office, hospitality, and retail
investments in the U.S. The firm has a national market presence
with offices on both U.S. coasts and an investment history across
20 states as both an owner and a lender. The firm has been a
registered investment adviser since 2002 and manages private funds
and programmatic ventures with tailored investment strategies on
behalf of a sophisticated institutional client base.
About JLL
JLL (NYSE: JLL) is a
leading professional services firm that specializes in real estate
and investment management. JLL shapes the future of
real estate for a better world by using the most advanced
technology to create rewarding opportunities, amazing spaces and
sustainable real estate solutions for our clients, our people and
our communities. JLL is a Fortune 500 company with
annual revenue of $19.4 billion,
operations in over 80 countries and a global workforce of more than
102,000 as of June 30, 2022.
JLL is the brand name, and a registered trademark, of
Jones Lang LaSalle
Incorporated. For further information, visit
jll.com.
Connect with us
https://www.linkedin.com/company/jll
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Contact: Jenna Sharp, JLL Associate, Public
Relations
Phone: +1 214 394 3356
Email:
Jenna.Sharp@am.jll.com
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SOURCE JLL