Broad Street Development (BSD) has closed on the acquisition of 80 Broad Street from Savanna Partners for $173 million, more than three times what Savanna paid for the property three years ago. The purchase marks BSD’s return to the Downtown office market and follows the successful repositioning and subsequent sale of 55 Broadway and 61 Broadway earlier this year.
“We always believed in the strength of Downtown Manhattan and we were keen to return and play a part in the new phase of development, redevelopment and economic growth this area is now experiencing,” said Raymond Chalme, principal of BSD. “We will continue the great work at the property undertaken by Savanna and create unique office space and amenities that the market needs.”
At 80 Broad Street, BSD plans to create an option for companies that have been incubated into existence, but now require high-quality office space to accommodate their next phase of growth. According to Mr. Chalme, “shared amenities and top quality pre-builts will foster this new tenancy.”
Located in the heart of Downtown Manhattan, 80 Broad Street is a 36-story, 423,403-square-foot office property that is currently nearly 90 percent leased to a number of high-profile office tenants. The boutique tower was recently renovated and modernized, featuring an elegant multiple-setback art deco design with floor plates that enjoy abundant natural light and sweeping views of New York Harbor and the Hudson River.
The property was constructed in the 1930s and served as the headquarters of the New York Maritime Exchange. Its rich history is evidenced throughout many architectural details including double-hung aluminum windows with operable frames, and a dramatic lobby ceiling mural painted by celebrated artist Lillian Gaertner Palmedo.
Boasting an efficient side-core layout, 80 Broad Street offers potential tenants looking for full floor identity with highly flexible floor plates ranging in size from 7,400 to 15,000 square feet. Also, the building’s pre-war characteristics allow for open design and creative layouts with beamed ceilings and exposed concrete floors.
The Eastdil Secured team of Adam Spies, Adam Doneger and Michael Saclarides represented the seller in the transaction. A team led by Grant Frankel of Eastdil Secured placed the debt, while Michael Tepedino and Michael Gigliotti of HFF secured the equity.
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