Saturday, September 27, 2014

HFF secures equity for 80 Broad in Manhattan’s financial district

Mike Tepedino
NEW YORK, NY – HFF announced it has secured equity for the acquisition of 80 Broad, a 423,403-square-foot retail and office building in Manhattan’s Financial District. 

               HFF worked exclusively on behalf of the buyer, Broad Street Development LLC (“BSD”), in sourcing the capital from RXR Realty (“RXR”).  Equity proceeds were used to purchase the property, which closed on September 12.

               The 36-story building was completed in 1930 and most recently renovated in 2013, retaining 1930’s art deco design elements while implementing significant recent upgrades.

 The property is currently 89 percent leased to a variety of mostly smaller sized tenants. 

 Located on the west side of Broad between Stone and Marketfield Streets, the property is walking distance from the New York Stock Exchange, City Hall, World Trade Center, Fulton Street Transportation Center, Battery Park, the R, J, 1, 2, 3, 4 and 5 trains and the Staten Island Ferry.

Michael Gigliotti
               The HFF equity placement team representing Broad Street Development on this transaction was led by senior managing director Mike Tepedino and managing director Michael Gigliotti.

               “With the acquisition of 80 Broad Street, BSD is returning to its roots of operating downtown office buildings,” Gigliotti said.  “There is not a group more equipped to successfully operate this property than BSD, and RXR recognized that by aggressively providing equity to round out the capital stack.” 

This transaction represents another milestone for the New York office of HFF as it continues its aggressive expansion into the New York City office sales and equity markets under leadership from Andrew Scandalios, Eric Anton and David Fowler. 

 Broad Street Development, led by principals Raymond Chalmé and Daniel Blanco, is the culmination of more than 15 years of experience in developing, managing and leasing commercial properties and residential condo conversion projects throughout North America.  

Eric Anton
A relationship driven real estate company, BSD success has been acquiring and repositioning real estate assets in order to provide the highest levels of service and quality to its tenants. This ultimately results in enhanced value.

RXR Realty is a vertically-integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. 

 RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets.  

The Company is one of the largest owners, managers and developers in the New York Tri-State area with interests in approximately $6.5 billion of assets, comprised of 87 operating properties containing approximately 17.7 million square feet. 

 For more information about RXR, visit

For a complete copy of the company’s news release, please contact:                            

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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