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NEW YORK CITY-JEMB Realty, a locally based real estate owner, developer and management company, refinanced 150 Broadway, a 250,000-sf, 23-story office tower, for $60 million. Bank of America arranged the 10-year fixed-rate financing.
The building achieved 100% occupancy in 2006 and remains one of Lower Manhattan's go-to destinations for financial, legal and other corporate firms and offers high-speed connectivity, proximity to all transportation and a responsive owner-occupied management team, according to a statement.
The property has 35,000 sf of retail space with retail tenants including Bank of America, Modell's Sporting Goods and Sephora.
"JEMB Realty has aimed to reposition 150 Broadway as home to a variety of corporate and commercial users, as well as first-rate retailers," says Joseph Jerome, principal of JEMB Realty. Jerome tells GlobeSt.com that current office tenants include Drum Associates, Con Edison, Northern Trust and Shandell, Blitz, Blitz & Bookson LLP.
"We have low leverage on the property," Jerome explains. "The refinancing gave us a lot of proceeds and allows us to move forward with projects spanning the US and Canada, and to expand upon our growing asset base."
Jerome adds that the financing from Bank of America, "is a testament to the Financial District and its attractiveness to a wide range of organizations seeking value," adding that the property has achieved and maintains 100% occupancy for that particular reason.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
