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Deals & Dealmakers

JLL completes $252M sale of downtown Manhattan office tower

JLL’s Capital Markets group announced today that it has closed the $252 million sale of 175 Water St., a 31-story, 684,500-square-foot office tower prominently positioned in downtown Manhattan.

JLL marketed the property exclusively on behalf of the seller, Vanbarton Group, and procured the buyer, 99c LLC.

175 Water St. is a fully vacant office tower offering a variety of repositioning opportunities. The property was renovated in 2014 and features a center core configuration with flexible 24,000-square-foot floorplates. Each floor offers 12-foot ceiling heights with expansive windows and an abundance of natural light and air. Additionally, the tower has two usable rooftop terraces with protected views of New York City and all three East River bridges.

“99c is tremendously excited to deliver a comprehensive re-use plan in a prominent FiDi location. The fabric of the Fox Fowle-designed building is visible from the Brooklyn waterfront and a prominent part of Fidi’s skyline,” said 99c co-founder Carlo Bellini. “When considering the challenges some commercial buildings are facing post-pandemic, we at 99c are looking for unique and sustainable ways to reinvent such spaces.” 

Located within the Seaport submarket of downtown Manhattan, 175 Water St. has exceptional accessibility throughout Manhattan and the entire New York City metro area via numerous subway lines and PATH trains. In addition, the property is served by numerous bus lines and is close to the New York Waterway East River Ferry. The Seaport submarket is New York’s original commercial hub and has received more than $30 billion in public and private funding in the last decade that has revitalized the area to a 24-hour live-work-play neighborhood. Residential demand in downtown Manhattan has been on the rise with only a 3.3% vacancy rate and less than 400 units under construction.

JLL’s Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Andrew Scandalios and David Giancola, Managing Directors Vickram Jambu and Marion Jones, Senior Director Steven Rutman and Director Alexander Riguardi.

“175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas to reimagine and reactivate the property as a best-in-class office tower or consider alternative uses,” Scandalios said.

“Downtown Manhattan and particularly the Seaport submarket is going through a transformative period for both office and residential uses,” Jambu added. “Between the interest in this building and the results we achieved through this process, we think this transaction signifies the strengthening of the New York City office market.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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