Rudder Property Group is pleased to announce the sale of an 18,201 square foot office condominium on the 14th floor of 125 Maiden Lane. SCPG Property, LLC, a subsidiary of a China-based publishing company, paid $5.9 million. Michael Rudder and Mike Heller of Rudder Property Group represented the seller, while Arthur Hung from Corcoran represented SCPG.
125 Maiden Lane is a 340,000 square foot, class B office building located in the Financial District. The property was converted to office condominiums in 2006 by Time Equities. Other owners include the Lower Manhattan Cultural Council, Jewish Forward, International Planned Parenthood, the Consulate General of Trinidad and Tobago and the Guttmacher Institute. The property features a roof garden, free fitness center, a rotating art exhibit in the lobby, and has recently received LEED certification.
“The purchaser recognizes the benefits of office condominium ownership and they anticipate significant long term appreciation of real estate values in Lower Manhattan,” said Michael Rudder, principal of Rudder Property Group. “This sale is indicative of the recent influx of overseas buyers of office condominiums.”
“SCPG was attracted to 125 Maiden Lane’s amenities like the garden on the roof, and they plan to reconstruct the space in order to occupy a portion and lease a portion out” said Mike Heller, Director of Sales of Rudder Property Group.