On behalf of Edge Fund Advisors and HSBC, Newmark has arranged the $590 million financing of 1540 Broadway, a Class-A landmark, trophy-office building located in Times Square. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Vice Chairmen and Co-Heads of the Debt & Equity. Apollo, MSD and Monarch provided the loan.
Formerly known as the Bertelsmann Building, 1540 Broadway is among a limited set of towers comprising Class-A office space in Times Square. The property recently underwent a comprehensive, $40 million capital improvement program over the past three years, including a new 27,000-square-foot amenity floor designed by Gensler. Other upgrades include a new contemporary entrance and lobby, destination dispatch elevators, Smart Technology throughout the building and a new co-generation plant, which is expected to generate 70% of the property’s base building energy on-site. The Times Square area also provides excellent connectivity to all of Manhattan and is within walking distance from major transportation hubs – Grand Central, Penn Station and Port Authority.
EDGE is a fully integrated real estate investor, investment advisor and asset management firm offering a high level of expertise in commercial property acquisitions, financing, legal, leasing, construction, accounting, property management and engineering. As an owner and managing member of the Property, EDGE is responsible for overseeing all property management, leasing, legal, debt placement, construction management, accounting and tax filing matters.