(NEW YORK) – Hines, the international real estate firm, and property investor GLL, announced today that GLL purchased the 14,000 square feet of retail condominiums at 465 Broadway, also known as 40 Mercer Street.
The retail spaces are located on the ground floor of Jean Nouvel’s iconic residential development, 40 Mercer, on a full block fronted by Broadway, Grand Street and Mercer Street in SoHo.
“Having fully leased the project’s retail component to a mix of high-quality tenants, we are delighted to have sold this exceptional property to GLL, one of Europe’s rapidly growing institutional real estate investment firms,” said Hines Senior Vice President Tommy Craig.
The property is fully leased to retail tenants including Wachovia, Bose, Dermalogica, and Vivienne Tam.
GLL’s CIO Barry McGowan said, “Both New York and London have surprised everyone with the speed and momentum of the recovery of the commercial real estate markets. 40 Mercer represents GLL’s entry into the New York market. We feel extremely fortunate to be able to invest in such a superb, high-quality asset. With seven acquisitions over the last 10 months, GLL has been one of the most active foreign property investors in the United States. Our intention is to continue to make new investments throughout the country.”
Headquartered in Munich, Germany, GLL Real Estate Partners is a fast-growing institutional real estate investment manager with operations in Eastern and Western Europe and in North and South America. Since 2001 approximately $5 billion have been invested in 70 core assets for commingled funds and separate account clients.
Hines has been active in the New York real estate market since 1984, and is actively marketing another successful luxury residential development, the 30-unit, One Jackson Square, in the West Village, which was designed by Bill Pedersen of KPF.
The privately owned real estate firm is involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 451 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 billion, Hines is one of the largest real estate organizations in the world.