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Property Group Partners Fetches $132M for SoHo Office Building

NEW YORK—Epic has purchased 148 Lafayette Street from Property Group Partners for nearly $132 million. Douglas Harmon, Adam Spies and Kevin Donner of Eastdil Secured represented Property Group Partners on the transaction. Property Group Partners owned the building in partnership with Bruce Toll and members of the Louis-Dreyfus family.

Acquired in 2007, Property Group Partners purchased 148 Lafayette Street for approximately $390 per sq. ft. Epic’s purchase price equates to approximately $850 per sq. ft. for the 154,953-sq.-ft. property.

Designed by McKenzie Voorhees and Gmelin Architects in 1913, this turn-of-the-century SoHo industrial building features ornamental and limestone brickwork and open loft spaces. In 2007, the property underwent renovations that included a new office lobby and covered entry, mechanical, electrical and security upgrades, new windows, restrooms, elevators and hardwood floors and retail storefronts.

In addition, a 5,327-sq.-ft. glass penthouse with an accessible private terrace was added to the roof.

As a result of these renovations, 148 Lafayette was awarded LEED Gold Certification by NYSERDA for energy efficiency in 2008 and achieved its first Energy Star Award in 2009.

Tenants occupying space at the building include Dolce & Gabbana, Callison and Tower Research, among others.

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