Thor, Premier Equities Sell Three-Story Meatpacking Retail Condo for $87M

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Thor Equities and Premier Equities have closed a deal to sell their three-story retail condominium at 412 West 14th Street for $87 million, sources with knowledge of the deal told Commercial Observer.

SEE ALSO: Thor Retail Advisors Exec Matthew Seigel Leaving for Own Gig

The buyer is Union Investment, the investment arm of DZ Bank, as The Real Deal reported last month when the deal was in contract.

Lexus leases the entire 16,500-square-foot condo, plus 5,500-square-foot rooftop at the property between Ninth Avenue and Washington Street via a 10-year deal that expires in April 2024, the sources said. The luxury carmaker is still building out the space for a concept store.

Cushman & Wakefield’s Adam Spies, Kevin Donner and Marcella Fasulo represented Thor and Premier. A spokesman for Thor declined to comment, as did Spies. A Premier representative wasn’t immediately reachable. RKF’s Brian Segall represented the buyer. Segall declined to comment.

Premier and Thor bought the commercial condo in April 2012 for $18 million.