Business & Investment

PCCP Offers $ 150 Million Refi to Skyscrapers in Manhattan

80 Broad St. Image Courtesy of PCCP LLC

The joint venture between Broad Street Development and Invesco Real Estate is 80 Broad St, a 36-story, 423,777-square-foot high-rise office in Manhattan’s financial district. Refinanced.

real estate Financial investment management company PCCPLLC, Provided a loan to the joint venture, but did not disclose the amount. NS Commercial observer Refinancing reported was $ 150 million.

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The Eastdil Secured team, led by Ken Ziebelman, Grant Frankel and Ethan Pond, advised and negotiated debt.

Broad Street Development, a privately owned real estate developer, investor and operator based in New York City, has owned and self-managed real estate since acquiring Tower from Savannah for $ 173 million in 2014. I did. Savannah owned the property Since September 2011. Savannah paid for the tower with a $ 65.3 million loan. This included funding for significant capital improvements.In one of Top Manhattan Office Sales In 2017, Invesco acquired a 95% stake in the property for $ 173 million. Invesco and BSD completed a $ 235 million asset recapitalization shortly after Invesco acquired a majority stake.

Since then, partners have invested more than $ 9 million in capital improvements, including lobby, corridor and toilet renovations, speculative suite construction, and HVAC upgrades. More upgrades are planned or underway, including additional speculative buildouts, elevator modernization, corridor and toilet upgrades, and more.

Brian Haber, vice president of PCCP, said in a prepared statement that as the New York City office market recovers, the building has historically been well rented and in a good position to attract tenants. rice field. He called it “a fascinating opportunity to refinance with an experienced operator and repeat a PCCP borrower.”

Current tenants include the New York Supreme Court Board of Directors, Indus Architects, Fulcrum Group, Adams Unlimited, and Leaflink, an e-commerce cannabis platform that recently doubled its space to 26,000 square feet. According to Commercial Edge, the building still has 15 rentable spaces, for a total of 92,230 square feet.

Building details

The Art Deco office tower was built in 1931 and has 12,385 square feet of ground floor and low-rise retail space, with all ground floor retail stores on Broad Street. This asset provides 8,000 to 16,500 square feet of open floor plates, providing tenants with customized buildout flexibility. Other features include an 11-foot ceiling and large windows for considerable light and air. Some floors have a private terrace with views of the Manhattan skyline and New York Harbor.

There are 9 subway lines within a 3-minute walk. Easy access to Grand Central Station and Pennsylvania Station, connecting to Manhattan and the entire region. The financial district is currently a live work play area where diverse tenants, including technology and media companies, gather. Housing development is increasing and the number of bars, restaurants and hotels is increasing in the region.

PCCP Offers $ 150 Million Refi to Skyscrapers in Manhattan PCCP Offers $ 150 Million Refi to Skyscrapers in Manhattan

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