Clarion Partners has purchased a 70 percent stake in the vacant 14-story, 182,000 square-foot American Stock Exchange Building at 86 Trinity Place, in the Financial District. Clarion payed $105 million to GHC Development, and the developer plans to convert the former office building into commercial-retail and a 156-key hotel. Retail space will be located from the ground floor through the fifth floor, while the hotel will be located on the upper floors. A restaurant will be built on the sixth floor. The building’s floor area will technically be expanded, thanks to expansions on the fourth floor, the addition of a fifth floor, and enlargements towards the top of the building. David Nicholson’s Hell’s Kitchen-based SBLM Architects is the architect of record. [The Real Deal]
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