130 Prince Street, New York, NY
Savills represented the Kaufman Organization in arranging a joint venture capital partner for the acquisition of this prime office and retail property in the heart of Manhattan's SOHO district.
Located at the intersection of Prince and Wooster Streets, the building consists of 77,500 square feet, with the upper floors 100% leased to two investment grade office tenants at the highest rent levels in the market, and the ground floor retail space leased to a variety of upscale local, national and international retailers.
Savills advised Kaufman throughout lengthy negotiations with the individual seller that lasted over 18 months. In addition, Savills arranged a joint venture equity investment from a major state pension fund. Although the entire acquisition process stretched out over two years, the transaction resulted in the successful acquisition of one of the signature buildings in this tony and exclusive submarket.