Harbor Group International, LLC announced today (Wednesday) that an affiliate of the company has acquired the 358,637 square foot office property located at 55 Broadway from an affiliate of Broad Street Development for a purchase price of $157 million.
“55 Broadway is a unique, modern class A property in the thriving Financial District near the World Trade Center development, the soon-to-be-completed Fulton Street Transit Center and numerous high-end residential developments,” said Jordan E. Slone, chairman & CEO of HGI. “Downtown Manhattan is undergoing a renaissance as creative, media and technology tenants increasingly relocate to the market, creating a new, dynamic and desirable downtown.”
55 Broadway is a 32 story, Class A office building constructed in 1983. Located on the southwest corner of Broadway and Exchange Place, the property contains ground floor retail, an urban plaza and access to four subway stations (all within a three block radius).
The building has four sides of windows providing views along the Broadway corridor and of Downtown Manhattan and the Hudson River. The property is currently 90% leased to more than 40 office and retail tenants.
“HGI plans to implement an aggressive leasing strategy to take advantage of improving Downtown market fundamentals,” said Slone, “Also, HGI intends to reposition the street level retail and mezzanine space to capitalize on the surging downtown retail market.”
HGI’s investment partners in 55 Broadway include Image Capital, LLC.