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Time Equities Buys, Sells Office Condos

NEW YORK CITY-The company sells 165,000 sf to the Empire State Development Corp. and receives in return 185,000 sf in Midtown. Time Equities plans to lease the new space.

By Katie Hinderer | Updated on November 16, 2006

NEW YORK CITY-In two separate transactions yesterday Time Equities Inc. has bought and sold office condominiums in the city. The company, which focuses on investment, development and asset management, was one of the first companies to attempt office condos when it opted to convert 125 Maiden Ln. from traditional rental units to condos. Time Equities began renovations on the Downtown property this summer.

The Empire State Development Corp. bought 165,000 sf of space at 125 Maiden from Time Equities. The transaction is reported to have cost ESDC $376 per sf. This is the first sale at the location, with other scheduled to follow before the year ends.

“Since we officially launched the office condo sales program, the response has been overwhelming. We had multiple offers for the majority of the vacant space in the building within only a few months and we anticipate all the remaining vacant space will be sold by the end of the first quarter 2007,” Michael Rudder, director of office leasing and sales for Time Equities, says in a release.

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