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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.
