Cushman & Wakefield announced that it advised American Bible Society (ABS) on the sale of its headquarters building at 1865 Broadway for $300 million to AvalonBay Communities, Inc.
A Cushman & Wakefield team led by Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa, represented American Bible Society in the transaction.
Hwang, a Cushman & Wakefield executive vice president, commented, “Development sites with a significant footprint and meaningful scale almost never become available in Manhattan, let alone within a location with such a global presence.”
ABS recently announced plans for a new global headquarters in center city Philadelphia, merging staff from its current New York City and Valley Forge, Pennsylvania locations.
AvalonBay reportedly plans to raze the existing building and construct apartments.