US: The office and retail building at 20 Nassau Street has been sold to the founder of Graduate Hotels, a company that develops hotels in university-anchored towns in America.
According to public records, the buyer is listed as GPNJ Owner LLC, with attention to Benjamin Weprin – founder of Graduate Hotels’ parent company, AJ Capital Partners.
The red brick building was built in 1918 and once served as a dormitory for university students.
The site advertises more than 70,000 square-feet of space, with 112 office suites ranging in size from 150 to 450 square-feet, and a few larger spaces over 1,500 square feet.
Home to over 100 small businesses, tenants have been told by representatives of the hotel firm that existing leases would be honoured.
Graduate Hotels operates 21 hotels across the United States. Its website states an additional 10 hotels are set to open next year, including the first international location in Cambridge, England.