Newly Promoted JLL Team To Market $100M Stake In Downtown Brooklyn Office Building
The city owns the land under the building on a lease that expires in 54 years. Con Ed has been the building’s tenant since it was first built in the early ‘70s. JLL’s Glenn Tolchin, Anthony Ledesma and Yoav Oelsner are marketing the stake in the property.
In about 10 years, Con Ed’s rent will reset, and the brokers told Crain’s the deal will offer a buyer a chance to renegotiate the lease at 95% of market value, representing at least a 5% return on investment.