NEW YORK CITY-L&L Holding Company and Beacon Capital Partners—co-owners of 195 Broadway—have announced the recapitalization of the 29-story landmarked property, which once served as the New York headquarters of AT&T. The deal reportedly is worth more than $500 million, according to the New York Post.
Institutional investors advised by JP Morgan Asset Management have acquired a majority ownership interest in the “wedding cake” building. Located between Lower Manhattan's upcoming Fulton street transportation center and the Calatrava Path station at the World Trade Center, 195 Broadway is 100% leased to credit tenants such as Omnicom, one of the world's largest advertising agencies, HarperCollins Publishing, Inc. and Thomson Reuters Markets.
Designed in 1916, the building will soon be adding a notable retail component, with 15,000 square feet of lobby level stores and 20,000 square feet of retail space below grade as well as on a portion of the roof. Earlier this year, L&L hired a VP of development—Jonathan Ninnis, formerly of VVA Project Managers and Consultants—specifically to oversee redevelopment of 195 Broadway's retail program.
“This transaction is yet another indication of the rising strength of the Downtown North market, specifically around the World Trade Center and new transportation infrastructure,” says Yong Cho, senior managing director of L&L Holding. “We and Beacon are excited to move forward with our new partner in elevating this asset to even greater heights.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
