An affiliate of trade union American Federation of Teachers has secured a $62 million loan for 50 Broadway in the Financial District. The ten-year, fixed rate loan was provided by Citigroup Global Markets.
The property, located between Exchange Place and Bowling Green, is a 37-story office and retail tower. The AFT affiliate, United Federation of Teachers Local 2, bought the 352,000 s/f building in 2002. Along with the acquisition, it also secured a net lease for the adjacent building at 52 Broadway. UFT and its affiliates currently lease 90,000 s/f in 50 Broadway. The trade union’s headquarters is spread out between the two buildings.
According to a press release from Cushman & Wakefield, the building, which is set to undergo lobby renovations, is currently 93.5 percent leased. Tenants in the building include the Center for Hearing and Communication and the Center for Employment Opportunities.
A Cushman & Wakefield team composed of Steve Kohn, Mark Ehlinger and Michael Collins arranged the loan.