95 Morton St. Trades for $68M

NEW YORK CITY-After considering numerous Manhattan properties, Dallas-based Lincoln Property Co., on behalf of an institutional client, purchased 95 Morton St., an eight-story 202,426-sf boutique office building for $68 million, or $335 per sf. The purchase marks the company’s first venture into the New York City real estate marketplace.

Executive vice presidents William Shanahan and Darcy Stacom from CB Richard Ellis’ Investment Properties arranged the transaction on behalf of joint sellers, Brack Capital Real Estate (BCRE) and Stellar Management, while senior vice presidents James Stein and Jenifer Ratcliffe with vice president Jim Kelly of Lincoln Property advised the buyer.

Stein says the property possesses all of the qualities Lincoln was seeking, namely “an exceptional location, excellent condition, strong tenancy, operating efficiency and a unique ambiance.”