L&L Holding has agreed to buy the leasehold interest in 195 Broadway from JPMorgan Asset Management for $800 million, according to TRD. iStar will buy the underlying land in a separate transaction for $275 million. The FiDi office tower spans 1.1 million SF.
- Worth Noting: L&L partnered with an investment group made up of Korea Investment & Securities and Samsung on the deal… David Levinson and Rob Lapidus’ firm already owned 5 percent of the property.
- Office tenants include: Omnicom Media, HarperCollins, and Gucci. JPMorgan and L&L invested $100 million in recent years to renovate the property, which is roughly 90 percent occupied.
- Flashback: L&L paid $266 million for the 29-story building in 2005. JPMorgan subsequently bought its stake in 2013 in a deal that valued the asset at $500 million.