Midtown Equities Pays $140M For Lower Manhattan Office Building
Midtown Equities picked up One Broadway, a 218K SF office building in Lower Manhattan, for $140M.
The seller of the 12-story building is a Swiss Trust, the New York Post reports.
The building is right at the end of Broadway and is surrounded by Greenwich Street, Battery Place and Broadway. The landmarked building has 30K SF of additional air rights, and could be renovated for office or residential use, according to the Post.
Current tenants include Kenyon & Kenyon, a law firm that has 90K SF, and Citibank, but the building will be delivered vacant. Cushman & Wakefield’s Jonathan Serko, Adam Spies, Douglas Harmon, Josh King and Marcella Fasulo brokered the deal on behalf of the sellers.
Midtown Equities developed Dumbo’s Empire Stores in Brooklyn. It also owns Soho House and has invested in the World Trade Center, the Post reports. It plans to renovate and modernize the property, but has plenty of vacant space around it in Lower Manhattan to compete with for office space.