 |
| 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 www.rxrrealty.com.
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 | www.hfflp.com
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