Property Group Partners (PGP) has closed the sale of 148 Lafayette Street in Manhattan's SoHo neighborhood to Epic UK for approximately $131.7 million, according to a GlobeSt.com article. Douglas Harmon, Adam Spies and Kevin Donner of Eastdil Secured represented PGP in the transaction. PGP owned the building in partnership with Bruce Toll and members of the Louis-Dreyfus family. The terms of the deal were not disclosed.
"The sale of 148 Lafayette Street validates our original strategy with this building," said Jeffrey I. Sussman, founder and president of Property Group Partners, in a CoStar article. "With our partners, we recognized that a complete renovation and expansion would vastly improve this asset for both tenants and investors. Not only did we fully lease the building within 24 months after purchasing it, but we have now completed the successful sale of the property just a few years later."
148 Lafayette Street, acquired by PGP in 2007 for approximately $60 million, is a 150,496-square-foot 12-story building with typical floors of 11,978 square feet. Designed by McKenzie Voorhees and Gmelin Architects in 1913, it was extensively renovated in 2007 with new heating and air conditioning systems, windows, restrooms, elevators and hardwood floors. The building earned LEED Gold Certification, BOMA 360, and an Energy Star Award for energy efficiency in 2010. Major tenants include Lafayette 148, Tower Research, Utrecht Art Supplies, Dolce & Gabbana USA Distribution and Callison.
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