The properties at 480 Broadway and 155 Spring in SoHo have traded hands. Vornado has sold the pair of buildings to a joint venture between KPGFunds.com and LaSalle Global Partner Solutions on behalf of a separately managed account with the intent to reposition the office and retail assets. The sale prices were undisclosed.
The asset at 480 Broadway (also known as 40 Crosby), will be fully renovated and repositioned as a boutique luxury office building — fitting the ultra-high-end reputation that KPG is known for — and renamed “The Crosby.” Meanwhile, 155 Spring will continue to capitalize on its prime SoHo location as a top spot for high-end retailers. KPG will manage both properties.
“By never wavering in our belief in the resilience of the greatest city in the world, we are being rewarded with the ability to acquire a gorgeous, cast-iron building and a stabilized boutique office asset, both in premiere locations at incredible pricing,” said Rod Kritsberg, KPG’s co-founder and chief investment officer.
Once completed, The Crosby will be one of the most desirable Manhattan office space locations in the area. KPG plans to create a dedicated entrance on Crosby Street, highlighting the prime location to potential tenants. Interior improvements will focus on high-end, luxury, pre-built office space, as well as premier retail space along Broadway. The property also will feature luxury amenities, such as KPG’s management app that allows tenants to operate their space directly from their device; flexible floor plates; and even continuous floor plates for tenants looking for a headquarters location.
“Bespoke office is on fire, and we can’t build fast enough to accommodate the demand for our Signature KPG office product,” said KPG Co-Founder and 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.”
Both the office floors and retail level will offer best-in-class, modernized experiences to tenants who are looking for this specialized type of luxury and function in a space.