Baxter, Caplan, Latham, Cohen and Shapiro of JLL close $63 million sale

On behalf of Sitt Asset Management, LLC, Jones Lang LaSalle's (JLL) capital markets group (www.jll.com) closed the sale of 240 West 40th St. AEW Capital Management purchased the 159,774 s/f property for $63 million. Vice chairmen Richard Baxter, Jon Caplan, Scott Latham and Yoron Cohen and senior vice president Stephen Shapiro led the JLL team. The 13-story, loft-style building is 100% leased to LVMH subsidiary, DKNY and is located at the confluence of the Garment Center and Times Sq. office markets. "Home to DKNY for many years; the Property was renovated to their specifications with a spectacular glass enclosed penthouse," said Shapiro. "The property enjoys outstanding access to multiple transportation hubs, and is located within close proximity to many of the city's newest and most luxurious residential housing on the Far West Side." JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, JLL capital markets completed $63 billion in investment sale and debt and equity transactions globally. The firm's deal makers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm's capital markets team comprises more than 1,300 specialists, operating all over the globe. For more news, videos and research resources on JLL, please visit the firm's U.S. media center webpage: http://bit.ly/18P2tkv. JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, JLL operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.