Developer Hines announced the sale of the retail condominium at One Jackson Square to American Realty Capital for $22.5 million.
The retail condominium comprised of 8,636 s/f of space, including a basement portion, is located at 122 Greenwich Avenue, between 13th and 14thstreets, near Eighth Avenue.
“From the earliest stages of this project, we endeavored to create retail space in the building with a bright storefront, high ceilings and modern systems to maximize the value of this exciting location on Jackson Square Park,” said David Penick, vice president of development for Hines.
“Following our leasing space to two excellent tenants, we have now realized that value creation with the sale of the retail condominium to American Realty Capital. This final sale at One Jackson Square represents the successful completion of a development we are very proud to have contributed to this market.”
Hines began the development of One Jackson Square with the purchase of the site in 2005 for $14.8 million in partnership with RFR Holdings. The developer tapped architect William Pedersen of KPF as the project designer and SLCE to be the architect of record, and created an 11-story modern landmark comprised of 30 luxury loft residences.
Construction began in 2007 and was completed with the first residential closing in 2009. The residential condominium units outsold the market from the start, (averaging $2168 psf), and was sold out in early 2011.
In May the LEED certified green building was awarded an American Institute of Architects national design honor award.
“One Jackson Square is part of a portfolio of work Hines and RFR have undertaken together, and we are delighted by its successful completion and look forward to doing more in the future,” said Tommy Craig, senior vice president of Hines.
Karen Bellantoni at RKF was tapped to be the leasing broker for the retail portion of the property, and delivered leases with TD Bank and Starbucks totaling 5,706 s/f. Another 1,583 s/f street-level unit remains available, plus 1349 square feet of retail space in the basement.
“We have concluded this project at the highest level of achievement across the board – from the quality of the building to the satisfaction of the residential owners to the very contribution One Jackson Square makes to the urban fabric,” Penick said.
“One Jackson Square is a great example of how design excellence plays a major part in successfully differentiating values in this very challenging economic environment.”
Hines was represented by Jones Lang LaSalle in this transaction.