JLL completes $252 million sale of downtown Manhattan office tower

175 Water Street, a 31-story,
 684,500-SF office tower
  downtown Manhattan.

NEW YORK, NY, Oct. 17, 2022 – JLL’s Capital Markets group announced today that it has closed the $252 million sale of 175 Water Street, a 31-story, 684,500-square-foot office tower prominently positioned in downtown Manhattan.

Marion Jones

JLL marketed the property exclusively on behalf of the seller, Vanbarton Group, and procured the buyer, 99c LLC.

Andrew Scandalios

 175 Water St. is a fully vacant office tower offering a variety of repositioning opportunities. The property was renovated in 2014 and features a center core configuration with flexible 24,000-square-foot floorplates.

Each floor offers 12-foot ceiling heights with expansive windows and an abundance of natural light and air.

 Additionally, the tower has two usable rooftop terraces with protected views of New York City and all three East River bridges.

 “99c is tremendously excited to deliver a comprehensive re-use plan in a prominent FiDi location. 

Vickram Jambu

The fabric of the Fox Fowle-designed building is visible from the Brooklyn waterfront and a prominent part of Fidi’s skyline,” said 99c co-founder Carlo Bellini.

“When considering the challenges some commercial buildings are facing post-pandemic, we at 99c are looking for unique and sustainable ways to reinvent such spaces.” 

 Located within the Seaport submarket of downtown Manhattan, 175 Water St. has exceptional accessibility throughout Manhattan and the entire New York City metro area via numerous subway lines and PATH trains.

 In addition, the property is served by numerous bus lines and is close to the New York Waterway East River Ferry.

 The Seaport submarket is New York’s original commercial hub and has received more than $30 billion in public and private funding in the last decade that has revitalized the area to a 24-hour live-work-play neighborhood.

Residential demand in downtown Manhattan has been on the rise with only a 3.3% vacancy rate and less than 400 units under construction.

 

David Giancola

JLL’s Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Andrew Scandalios and David Giancola, Managing Directors Vickram Jambu and Marion Jones, Senior Director Steven Rutman and Director Alexander Riguardi.

 “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas to reimagine and reactivate the property as a best-in-class office tower or consider alternative uses,” Scandalios said.

 

Steven Rutman

“Downtown Manhattan and particularly the Seaport submarket is going through a transformative period for both office and residential uses,” Jambu added.

“Between the interest in this building and the results we achieved through this process, we think this transaction signifies the strengthening of the New York City office market.”

 JLL’s Capital Markets group 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 investment and sales advisory, debt advisory, equity advisory or a recapitalization.

Alexander Riguardi

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

About 99c LLC

99c is a specialty financing and development firm focused on adaptive reuse development within urban markets. The firm is actively looking to broaden its New York portfolio.

   

Contact: 

 Jenna Sharp, JLL Associate

Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

 

JLL announces Sandy Tsujimura as the new Vice President, Regional Specialty Leasing Manager in Hawaii

 

Sandy Tsujimura 

 HONOLULU, HAWAIi, Oct. 17, 2022 – JLL is pleased to announce that Sandy Tsujimura (S) RPA® has joined the company’s property management team as Vice President, Regional Specialty Leasing Manager in Hawaii.

In her new role, Tsujimura will bring a wealth of knowledge in property and facilities management and will oversee the specialty leasing program for a large portfolio of properties throughout the islands.

 Before joining JLL, Tsujimura was previously the Vice President at the Commercial Brokerage of Cushman & Wakefield ChaneyBrooks, Vice President of Commercial Brokerage at Coldwell Banker Commercial Pacific Properties, and the Hawaii Asset Manager for Healthcare Realty Trust.

Brian Yano

“We are thrilled to have Sandy join JLL to lead our specialty leasing team,” said Brian Yano, Vice President, Regional Manager for JLL's Retail Group in Hawaii.

“Sandy’s diverse commercial real estate expertise and experience in specialty leasing and short-term retail space leasing will offer our clients strategic opportunities to drive value to their portfolios and for JLL to expand the success of the program in the Hawaii market.”

Sandy is a licensed real estate salesperson in the State of Hawaii and received her Real Property Administrator (RPA) professional designation from the Building Owners & Managers International (BOMI).

  

Contact: 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”