PCCP has provided a $150 million loan to a joint venture between Broad Street Development and Invesco Real Estate for the refinancing of 80 Broad Street.
The 36-story, 423,777 s/f office building is located at the intersection of Broad Street and Stone Street in the Financial District submarket in lower Manhattan.
An Eastdil Secured team led by Ken Ziebelman, Grant Frankel and Ethan Pond advised and negotiated the debt.
New York City-based Broad Street Development has owned and self-managed the property since 2014 and has nearly 20 years of experience in the downtown office market.
“PCCP saw this as a compelling opportunity to refinance an experienced operator and repeat PCCP borrower on a high quality and historically well-leased office asset that is well-positioned to attract tenants as the NYC office market recovers,” said Brian Haber with PCCP.
“It was a seamless process working with PCCP and we look forward to more collaboration as we both continue to grow,” added David Israni of Broad Street Development.
Built in 1931, 80 Broad Street is a fully renovated pre-war office building with 12,385 sf of ground floor and lower-level retail space with all ground floor retail on Broad Street. The property offers 8,000 to 16,500-sf open floorplates which provide tenants with flexibility for customized buildouts. Other features include 11-foot ceilings and expansive windows for substantial light and air. Select floors include private terraces with prime views of the Manhattan skyline and New York Harbor.
Since 2018, ownership has invested over $9 million on capital improvements, which have included renovations to hallways and restrooms, speculative suite buildouts, HVAC upgrades and a lobby renovation. Further upgrades are either in-process or are planned, including elevator modernizations, speculative buildouts, and corridor and restroom upgrades.