The property was sold on behalf of Downtown New York Properties I, LLC, a consortium of Hong Kong-based investors that purchased the building in 1997 for $60 million. A year later, the ownership instituted an intensive capital improvement program that included a new lobby, a renovated facade and the installation of high-tech wiring.
The building is fully leased and includes such tenants as New York City's Office of Administrative Services, Grant Thorton, Marsh & McLennan, Guardian Life and Fegenson & Company.
Lend Lease Real Estate Investments manages $35 billion in real estate and mortgage investments in the United States.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
