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New York & Tri-State  + Downtown New York  + Office  | 
KPG Fund and LaSalle Global Partner Solutions closed on the acquisition of 480 Broadway and 155 Spring St. in SoHo from Vornado Realty Trust.

KPG, LaSalle Close on SoHo Deal with Vornado

KPGFunds.com and LaSalle Global Partner Solutions closed on the acquisition of 480 Broadway and 155 Spring St. in SoHo from Vornado Realty Trust. Although deal terms weren’t disclosed, published reports said the sale closed for $85 million. 

480 Broadway (aka 40 Crosby) will be repositioned as a boutique luxury office building, The Crosby, atop prime retail space with Broadway frontage. 155 Spring’s new ownership will add to the existing roster of luxury retail tenants.  

“Bespoke office is on fire and we can’t build fast enough to accommodate the demand for our Signature KPG office product,” said KPG CEO Greg Kraut. “The demand for office space post-COVID is being redefined in 2022 by landlords who provide an ultra-high-end experience for their tenants in highly desirable locations.” 

480 Broadway and 155 Spring are part of a portfolio sold by Vornado last year for a total of $184.5 million. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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