Normandy Real Estate Partners and Invesco Real Estate have refinanced 888 Broadway with a $200M loan from TPG.
Newmark Knight Frank arranged the floating-rate loan. The team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt and Structured Finance, along with Nick Scribani, Chris Kramer, Dylan Kane and John Gallagher.
The newly-renovated, 10-story property totals 221,312 s/f and consists of two connected office buildings: 888 Broadway and 38 East 19th Street.
Sponsorship recently signed leases with Netflix, Atlassian and ABC Carpet & Home at the property.
The property includes the fee simple interest in the office condominium of 888 Broadway and the leasehold interest of the adjoining 38 East 19th Street.
After acquisition, sponsorship began a redevelopment program to reposition the property as a Class A, trophy office, including a new penthouse and roof deck, completely redesigned office lobby entrance, and entirely new building infrastructure.
The property features high ceilings and over-sized windows.
“Following the comprehensive renovation and addition of the penthouse and roof deck, 888 Broadway will be a prominent, trophy office property that will undoubtedly continue to attract high profile tenants given the quality
of the space and unbeatable location,” said Stolly.
“The institutional and dynamic pairing of Normandy and Invesco make up for a best-in-class sponsorship profile that is especially equipped to execute this business plan,” said Roeschlaub.