"The purchase is a strategic acquisition within the broader composition of our Plaza District portfolio," says Billy Macklowe, executive vice president of the purchasing company. During the next two years, 55% of the building's leases will roll over, providing the company with a significant opportunity for increasing revenue.
Prada, a high-end clothing retailer, occupies approximately half the building's office space. Mangia, a restaurant, has the street level, and other tenants lease the rest of the building. At the time of the offering, the building was entirely leased, but since then one floor has become vacant.Jones Lang LaSalle represented Mass Mutual in the deal. Also involved on behalf of the seller were Cornerstone Real Estate Advisors and Trans-Hudson Management Corp.
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