PCCP has provided a $150 million loan to a joint venture
between Broad Street Development and Invesco Real Estate for the refinancing of
80 Broad Street.
The 36-story, 423,777 s/f office building is located at the intersection of Broad Street and Stone Street in the Financial District submarket in lower Manhattan.
An Eastdil Secured
team led by Ken Ziebelman, Grant Frankel and Ethan Pond advised and negotiated
New York City-based Broad Street Development has owned and
self-managed the property since 2014 and has nearly 20 years of experience in
the downtown office market.
“PCCP saw this as a compelling opportunity to refinance an
experienced operator and repeat PCCP borrower on a high quality and
historically well-leased office asset that is well-positioned to attract
tenants as the NYC office market recovers,” said Brian Haber with PCCP.
“It was a seamless process working with PCCP and we look
forward to more collaboration as we both continue to grow,” added David Israni
of Broad Street Development.
Built in 1931, 80 Broad Street is a fully renovated pre-war
office building with 12,385 sf of ground floor and lower-level retail space
with all ground floor retail on Broad Street. The property offers 8,000 to
16,500-sf open floorplates which provide tenants with flexibility for
customized buildouts. Other features include 11-foot ceilings and expansive
windows for substantial light and air. Select floors include private terraces
with prime views of the Manhattan skyline and New York Harbor.
Since 2018, ownership has invested over $9 million on
capital improvements, which have included renovations to hallways and
restrooms, speculative suite buildouts, HVAC upgrades and a lobby renovation.
Further upgrades are either in-process or are planned, including elevator
modernizations, speculative buildouts, and corridor and restroom upgrades.
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