GGP to buy JC Penney's office building at 200 Lafayette St. - report

Sept 18 Wed Sep 18, 2013 10:14pm EDT

Sept 18 (Reuters) - Mall owner General Growth Properties Inc will buy retailer JC Penney Co Inc's office building at 200 Lafayette St., New York City, from Jared Kushner Group for about $150 million in an all-cash deal, the New York Post reported, citing unnamed sources.

The deal, expected to close by the end of the month, was signed in the last few days by GGP to get ahead of the sales process being started by real estate-focused investment bank Eastdil Secured, the Post reported. ()

Jared Kushner, President and CEO of real estate organization Kushner Companies, could not be immediately reached for comment by Reuters. GGP was also unavailable to comment.

GGP owns 128 million square feet in 123 malls in the United States. Earlier this month, Bill Ackman's Pershing Square Capital Management reduced its stake in GGP to 3.7 percent from 8 percent.

The hedge fund manager, who also sold his stake in J.C. Penney last month, has been a passive investor in GGP after he failed to secure a buyer for the company.

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