Technically, it’s lucky to own Microsoft.
Nightingale Properties, led by Elie Schwartz and Simon Singer, is offering the SoHo building it fully leased to the tech giant founded by Bill Gates.
Bids on the property, which includes 63,000 square feet of office space atop 18,000 square feet of vacant retail space at 300 Lafayette Street, are expected to reach $200 million — or about $2,444 on square foot, according to a report by the Green Rue website. A Newmark team led by Brett Siegel and Evan Layne is handling the sale.
Microsoft signed a long-term lease on the building’s offices in 2019 — a lease that remains at 13 years, according to the website. Designed by CookFox Architects, the seven-story office tower on the south side of Houston Street features floor-to-ceiling windows on every floor and more than 10,000 square feet of outdoor terraces and green space.
The vacant retail space has 8,500 square feet at street level with a 40 foot ceiling and an additional 10,000 square feet below ground level. Access to the Broadway-Lafayette Street subway station is located right outside the doors.
The marketing of the column-less building emphasizes its green attributes such as its lighting, windows, and energy-efficient boilers. The building also includes 11,000 square feet of landscaped terraces on floors three through six, co-working space on the second floor, and event space on the sixth floor.
Nightingale partnered with Wafra Capital Partners to buy the leasehold interest for $125 million in 2017 while the building was under construction, according to a New York Post report. This agreement, negotiated for the related companies and LargaVista by Newmark, was concluded in 2019.
The building was originally developed by related companies and LargaVista under a long-term ground lease on land owned by LargaVista above the site of the former BP service station. This land has fixed payments scheduled for the next 47 years, by which time much (if not all) of the current technology will surely be obsolete.
[Green Street] — Vince DiMiceli