The New York Times Co. and W. P. Carey & Co. LLC have entered into a sale-leaseback transaction for $225 million for part of the space that the Times Co. owns at its New York headquarters. The purchase was made by W. P. Carey and two of its publicly held, non-traded REIT affiliates. The transaction encompasses 21 floors of the 52-story building, or about 750,000 sq. ft. of rentable space, currently occupied by the Times Co. housing group for Equity Residential.
Lillibridge has acquired a 13-building medical office portfolio in Decatur, Ill. from Decatur Memorial Hospital for $31 million. Ten of the buildings are on the Decatur Memorial Hospital campus. Five are fully occupied by the hospital and one is leased to the Southern Illinois Family Practice residency program. Overall, the buildings are 95% occupied. Lillibridge will own and manage all 13, and will offer ownership options to physician tenants.
Newmark Knight Frank Residential Construction Services has completed work on a $175 million conversion of the former warehouse at 360 Furman St. in Brooklyn to luxury condos. Called One Brooklyn Bridge Park, the project took two-and-a-half years to build and turned the 1.1 million sq. ft. building into 438 apartments. They range from 588 sq. ft. studios to units of nearly 10,000 sq. ft. The site has 70,000 sq. ft. of retail space.