Billy Macklowe Markets the Majority Stake at 156 William Street to LaSalle for $55M

Billy Macklowe's majority stake of his 12-story office building at 156 William Street was sold to a Chicago-based LaSalle Investment Management for $55 million last Dec. 31. William Macklowe Co retains a minority and managing stake of the property.

Just a day before the deal, Macklowe also sold two commercial condominium units on the same building to an independent children's school for $27.2 million.

According to a The Real Deal report, the Blue School purchased the second-floor and third-floor units in the building, which is located a few blocks from the school's main campus at 241 Water Street.

The office building at 156 William Street was acquired by William Macklowe Co from private equity firm Capstone Equities in December 2013 for more than $62 million, with plans to convert the building into a hospital.

However, this past October, Macklowe filed a successful condo declaration that designated three units of the building on the second and third floors, according to city property records.

With the creation of the condo declaration, it allowed the Blue School to acquire the units on the second and third floors.

A spokesperson from William Macklowe Co confirmed both the condo declaration and La Salle's stake in the building.

Just recently, Macklowe has partnered with a subsidiary of Iowa-based Principal Financial Group to acquire a 14-story Hell's Kitchen office building from the Atlas Capital Group for $107,000.

The 12-story office building of Billy Macklowe at 156 William Street is located on the corner of Ann Street and William Street. Constructed in 1955, the structure is quite spacious, and has over 250,000 square feet of office space for rent, as reported by The Square Foot.

Despite having been built six decades ago, it has been refurbished several times throughout its life. The building, which sits in the Financial District, is surrounded by an array of restaurants, bars, and retail attractions.