NEW YORK CITY, Jan. 14, 2022 /PRNewswire/ — KPGFunds.com (KPG") and LaSalle Global Partner Solutions, on behalf of a separately managed account, today announced the Purchase of 480 Broadway and 155 Spring from Vornado Realty Trust. 480 Broadway (aka 40 Crosby) will be repositioned as a boutique luxury office building – "The Crosby", atop prime retail space with Broadway frontage. 155 Spring will continue to attract the top retail and office brands in SOHO. The location is surrounded by retailers such as Chanel and Valentino and KPG will add to the existing roster of burgeoning luxury tenants. KPG’s white glove management, exceptional amenities and top co-tenancy will further enhance the cache of 155 Spring.
"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," Rod Kritsberg, KPG’s co-founder and chief investment officer.
40 Crosby will undergo a full building renovation to a KPG Funds ultra-high-end standard and will be transformed to one of the most desirable office and retail assets in the neighborhood. In addition, the business plan calls to create a dedicated entrance on Crosby Street providing a much-coveted address for office tenants will commence a high-end, expansive multi- million re-purposing of the Crosby Street Property, turning it into one of the neighborhoods most luxurious office buildings. Improvements will consist of a separate entrance on Crosby Street with high end pre-built office space and significant capital allocated to the lease up the premiere specialty retail on Broadway.
The Property will also feature high end infrastructure, wellness, and technology offerings including KPG’s smart app allowing tenants to operate the entire building at the touch of button. 40 Crosby boasts flexible floorplates which will be able to cater to multiple tenants, or contiguous floors for a flagship headquarters location; providing ultimate leasing flexibility.
KPG Co-founder and CEO Greg Kraut, "Bespoke office is on fire and we can’t build fast enough to accommodate the demand for our Signature KPG office product,". "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."
The office suites are marked by exquisite, KPG signature design. With up to 18′ ceilings, 20 oversized-windows leaking in natural light, iron-cast façade and new management and security systems working to create a best-in-class product. The office offering will produce a modernized environment built to offer comfortable occupancy for prospective tenants who crave this type of specialized office product.
Offered on the lower-level and ground floor, the retail space will be an open-space design catering to a prospective big-box tenant seeking prime location in the bustling Soho neighborhood. The efficient floorplan will allow ease of operations and be structured for open accessibility. Discussions have commenced with prospective tenants including prominent names in grocery and experiential uses.
About KPG Funds
KPG Funds ("KPG") is a fully integrated real estate private equity platform with Asset Management, Project Management, Development, Design, Leasing and Property Management. With over 35 years combined experience based in NYC, KPG manages fully discretionary institutional vehicles targeting middle market value-add office investments. Additional information about KPG and a selection of current holdings and previous transactions are available at www.KPGFUNDS.com or by calling Gregory Kraut at 212-359-0743.
SOURCE KPG Funds