RXR Realty has wrapped up its recap of 61 Broadway as the downtown leasing market continues its strong leasing run.
JLL handled the sale of a 49 percent stake in the iconic building to CAMC (China Orient Asset Management) for $215.6 million.
The team also secured $290 million in recapitalization financing for the 786,594 s/f Class A office asset in the Financial District. The lending group of Bank of China and SL Green teamed up on the debt.
JLL vice chairmen Scott Latham, Richard Baxter and senior vice presidents Anthony Ledesma and Stephen Shapiro led the JLL team on the equity sale. Managing director Kelly Gaines and vice president Aaron Niedermayer led JLL’s financing efforts.
“Assets with such significant near-term rent upside in an exceptional location such as 61 Broadway are few and far between,” said Latham. “With demand for Manhattan office space continuing its impressive run, this was a prime opportunity for RXR Realty to sell a stake in their asset and gain a valuable partner to usher in a new era of success for 61 Broadway.”
Added Gaines, “We continue to see the Financial District attract tenants seeking bespoke state-of-the-art office space, especially space that lends itself to creative businesses. The iconic design of 61 Broadway, along with its sweeping views of New York Harbor and the Hudson River, and recent infrastructure overhaul position this asset to increase yields and maintain a strong cash flow for years to come. Lenders believe in the continued strengthening of the downtown office market and are very willing to make loans on the right buildings with the right operators.”
Built in 1916, 61 Broadway is located within two blocks of four different subway stations, and within five blocks of the Fulton Center and the World Trade Center Transportation Hub. RXR bought the building for $330 million in May 2014.