NEW YORK CITY—Taconic Investment Partners—in partnership with TH Real Estate (a division of TIAA Global Asset Management) and Squire Investments—has acquired  817 Broadway for $109 million. The 140,000-square-foot commercial building is located at the corner of East 12th Street in Midtown South.

The trio of new owners bought the 14-story building in an off-market transaction from two private families, marking the first time the building has changed ownership in over 60 years. Mesa West Capital provided the mortgage financing for the acquisition and redevelopment. TH Real Estate purchased the property on behalf of the TIAA Real Estate Account, which provides individual investors direct access to commercial real estate.

Over the next 12 to 24 months, the partnership plans to reposition the Greenwich Village building into a Class-A institutional asset. The repositioning will include significant capital improvements and vacating the building as the existing tenants naturally expire.

“817 Broadway is an extraordinarily well located building that hasn't had any significant money spent on it in over 60 years,” notes Paul Pariser, co-CEO of Taconic. “We plan on making a significant capital investment to upgrade all building systems, a complete façade restoration including the creation of new storefronts and a new lobby in order to transform this building into one of the most sought after Midtown South office buildings. There is deep demand in the Midtown South area for this type of space with its boutique size floorplates, abundant light through large windows and extraordinary high ceiling heights.”

Built in 1900, 817 Broadway was designed by architect George B. Post, who also designed the New York Stock Exchange.

“This property fits squarely within our strategy for value-add deals as we have recently redeveloped, re-leased and fully stabilized over a million square feet of midtown office space,” adds Dimpesh Darjee, director of acquisitions for TH Real Estate's New York regional team. “We are particularly thrilled to be working again with Taconic Investment Partners as developer and partner. This represents another investment in a successful long-term relationship between our two firms.”

NEW YORK CITY—Taconic Investment Partners—in partnership with TH Real Estate (a division of TIAA Global Asset Management) and Squire Investments—has acquired  817 Broadway for $109 million. The 140,000-square-foot commercial building is located at the corner of East 12th Street in Midtown South.

The trio of new owners bought the 14-story building in an off-market transaction from two private families, marking the first time the building has changed ownership in over 60 years. Mesa West Capital provided the mortgage financing for the acquisition and redevelopment. TH Real Estate purchased the property on behalf of the TIAA Real Estate Account, which provides individual investors direct access to commercial real estate.

Over the next 12 to 24 months, the partnership plans to reposition the Greenwich Village building into a Class-A institutional asset. The repositioning will include significant capital improvements and vacating the building as the existing tenants naturally expire.

“817 Broadway is an extraordinarily well located building that hasn't had any significant money spent on it in over 60 years,” notes Paul Pariser, co-CEO of Taconic. “We plan on making a significant capital investment to upgrade all building systems, a complete façade restoration including the creation of new storefronts and a new lobby in order to transform this building into one of the most sought after Midtown South office buildings. There is deep demand in the Midtown South area for this type of space with its boutique size floorplates, abundant light through large windows and extraordinary high ceiling heights.”

Built in 1900, 817 Broadway was designed by architect George B. Post, who also designed the New York Stock Exchange.

“This property fits squarely within our strategy for value-add deals as we have recently redeveloped, re-leased and fully stabilized over a million square feet of midtown office space,” adds Dimpesh Darjee, director of acquisitions for TH Real Estate's New York regional team. “We are particularly thrilled to be working again with Taconic Investment Partners as developer and partner. This represents another investment in a successful long-term relationship between our two firms.”