Silverstein Properties and UBS Realty Advisors has closed on a $510 million loan to finish their repositioning of 120 Broadway.
Cushman & Wakefield served as the exclusive advisor to Silverstein and UBS in refinancing the two-million-square-foot office and retail property in Downtown Manhattan with floating-rate financing provided by Wells Fargo.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alexander Hernandez, Alex Lapidus and Meredith Donovan represented Silverstein and UBS.
“The Silverstein and UBS team has done a remarkable job refurbishing this iconic office asset to its original grandeur and as a result, successfully leasing-up office and retail spaces,” said Vice Chairman Steve Kohn.
“Lenders were highly-attracted to the landmarked asset and the successes that have already been achieved following the transformative capital investment,” added Executing Managing Director Alexander Hernandez.
“Wells Fargo was thoughtful and aggressive with loan terms, which will enable the Silverstein and UBS team to complete the final phases of the capital/leasing program, allowing 120 Broadway to continue its position as the preeminent pre-war office building in lower Manhattan.”
120 Broadway is a two-million-square-foot, landmarked office building that stands 40 stories tall and spans an entire city block from Nassau Street to Broadway in Downtown Manhattan’s Financial District. Notable office tenants include Macmillan Holdings, the Department of City Planning and Thornton Tomasetti.
The property’s grand lobby, with its imposing arched-glass entryway, features popular retailers including Capital Grille and Citibank.