By Kaitlin Ugolik ( May 12, 2014, 8:13 PM EDT) -- General Growth Properties Inc. is renting out the top floor of its building at 200 Lafayette St. in Manhattan again, after J.C. Penney Co. Inc. changed its plans to use the space as its new corporate office. J.C. Penney signed a 15-year lease for the entire seven-story building in May 2012, but reportedly underestimated the cost of renovating it. The New York Post reported that CBRE Group Inc. is handling the leasing for the top floor, and that the rent for the 16,780-square-foot space could go for as much as $89 per square foot. General Growth bought the building from Jared Kushner in September for $148.75 million, according to the Post, which reported that the landlord is also considering renting out the property's retail space to another tenant for as much as $6 million. J.C. Penney is expected to keep the fourth, fifth and sixth floors. ...
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