Dealmaker: JLL Completes $252M Manhattan Office Sale

JLL, Chicago, sold downtown Manhattan office tower 175 Water Street for $252 million.

JLL marketed the 31-story, 684,500-square-foot property for seller Vanbarton Group and procured buyer 99c LLC, both headquartered in New York.

Located within downtown Manhattan’s Seaport submarket, 175 Water Street is accessible by several subway lines and PATH trains and near the New York Waterway East River Ferry. The Seaport submarket has received more than $30 billion in public and private funding in the last decade to become a 24-hour live-work-play neighborhood.

JLL Senior Managing Directors Andrew Scandalios and David Giancola led the investment sales team with Managing Directors Vickram Jambu and Marion Jones, Senior Director Steven Rutman and Director Alexander Riguardi.

“Downtown Manhattan and particularly the Seaport submarket is going through a transformative period for both office and residential uses,” Jambu said. “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.”

175 Water Street is currently vacant, so it offers several repositioning opportunities. The property was renovated in 2014 and has a center core configuration with flexible 24,000-square-foot floorplates. Each floor has 12-foot ceilings and the tower has two usable rooftop terraces with protected views of New York City and all three East River bridges.