Northwood Investors, a leading privately-held global real estate investment firm, has purchased 100 Broadway, a 24-story office building located on the southeast corner of Broadway and Pine Street in downtown Manhattan, right in the heart of Lower Manhattan.
Brookfield Financial, a global investment bank and real estate investment sales firm, served as the sole advisor to Northwood Investors on this off-market transaction. The Brookfield Financial team, led by Managing Partner Chris Wilson, was also responsible for bringing Northwood together with the sellers.
“We believe that Lower Manhattan is an evolving and dynamic office market and that 100 Broadway is a terrific property in an outstanding location. While the prior owners have been very successful in leasing the property, we believe it is very well positioned to benefit in the long term from the improvements taking place in the area,” said John Kukral, President and CEO of Northwood Investors. “We are delighted to add 100 Broadway to our national portfolio of commercial property.”
“Downtown Manhattan is in the midst of an exciting transition and Northwood is well poised to realize this potential with their long-term perspective,” added Mr. Wilson.
100 Broadway is an historic downtown office building with a landmark lobby and façade, and includes two floors of retail and 22 office level floors. The property features 360,000 total rentable square-feet of office space, as well as 40,000 square-feet of rentable retail space on the ground floor, second floor, and lower level. Located in the heart of Lower Manhattan, the building is steps away from the World Trade Center site and Wall Street, and conveniently located near all modes of transportation.
According to the New York Post, the sale price was $150 million and the sellers were a joint venture including Madison Capital and Meadow Partners, which bought 100 Broadway from Hiro in October 2011 for $115 million.