399 Washington Update 04/23/17

LaSalle and L3 acquiring former Downtown Crossing bookstore for $65 million, redevelopment in works


Real estate investors LaSalle Investment Management and L3 Capital have a deal in place to acquire 395-403 Washington Street, a 75,000 square foot building located across from Millennium Tower formerly home to a Barnes & Noble bookstore, for around $65 million ($867 per square foot). The deal is expected to close this September. LaSalle and L3 will redevelop the building, which has been largely vacant since Barnes & Noble’s 2006 closure, into two stories of ground-floor retail and three stories of upper-floor creative office space. LaSalle acquired 10 Post Office Square in the Financial District last month for $188 million, or $423 per square foot.

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