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Deals & Dealmakers

Berman pays $200M for 20 Broad leasehold

MetroLoft founder Nathan Berman has agreed to pay $200 million for the leashold interest in 20 Broad Street.

Vornado Realty Trust announced Monday that, by agreement, it has early terminated the NYSE space lease which was scheduled to expire in June 2016.
Berman intends to convert the 473,000 s/f office building to residential, according to Vornado.

Vornado ground leases the property, which is contiguous to the New York Stock Exchange (NYSE), from the NYSE, who is also the major tenant in the building.

The aggregate consideration for the sale of the leasehold and the early termination of the NYSE lease is $200 million or $423 psf. Vornado’s total income from the transaction is approximately $156 million comprised of $141 million from the gain on sale and $15 million of lease termination income.

The sale is expected to be completed in the fourth quarter of 2015.

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