Jones Lang LaSalle completes the Sale of 100 William Street.

Jones Lang LaSalle has arranged the sale of the Class A office building at 100 William Street in Lower Manhattan for a total consideration of approximately $50 million on behalf of Taconic Investment Partners LLC and Blackacre Capital Management, LLC.

The 21-story, 372,893 square-foot tower was purchased by a partnership between Lighthouse Real Estate Ventures, Inc. and Cargill Financial Services.

"The acquisition of this property by Cargill and its partner demonstrates the market's strengthening confidence in Lower Manhattan," said Woody Heller, managing director of Jones Lang LaSalle Investment Banking, who directed the sale along with Jones Lang LaSalle associate Peter Harwood. "The offering generated significant interest from several domestic institutional investors, local private investors and opportunity funds, confirming that the investment community recognizes that this property is one of the finest in Downtown Manhattan."

Taconic/Blackacre purchased 100 William Street in 1998 as part of a four-building portfolio from Sylvan Lawrence Company. The property was built in 1973 as the headquarters for Chubb Insurance Company. Chubb recently negotiated a buy-out of their lease, which accounted for approximately 40 percent of the building's office space. Subsequent to the buyout, Taconic/Blackacre implemented lobby modifications and building upgrades, and was then able to capitalize on the current strength of the market by re-leasing a significant portion of the building at higher rents.

Taconic/Blackare has leased more than 80,000 square feet to a variety of credit-worthy tenants during the past year, including Level 3 Communications and Multex.com, each for 40,000 square feet. The property was 84 percent leased at the time of the sale.

"The recent leases at 100 William Street are significant because they demonstrate the ability of the insurance district to attract tenants outside of the insurance industry," said Heller. "Based on this property's prime location and superior quality, it is able to draw telecom and dot-coin companies at compelling rental rates."