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Emerging Manhattan submarket attracts variety of investors
NEW YORK, March 4, 2014 — On behalf of Sitt Asset Management, LLC, Jones Lang LaSalle’s (JLL) Capital Markets Group closed the sale of 240 West 40th Street in Manhattan. AEW Capital Management purchased the 159,774 square-foot property for $63 million.
Vice Chairmen Richard Baxter, Jon Caplan, Scott Latham and Yoron Cohen and Senior Vice President Stephen Shapiro led the JLL team on this transaction.
The 13-story, loft-style building is 100 percent leased to LVMH subsidiary, DKNY and is located at the confluence of the Garment Center and Times Square office markets.
“Home to DKNY for many years; the Property was renovated to their specifications with a spectacular glass enclosed penthouse” said Shapiro. “The property enjoys outstanding access to multiple transportation hubs, and is located within close proximity to many of the City’s newest and most luxurious residential housing on the Far West Side.”
Jones Lang LaSalle Capital Markets 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
About JLL JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
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