NEW YORK, NY – Macquarie Asset Management has acquired a 76,605-square-foot, mixed-use building at 375 Broadway in Manhattan. The property was purchased from institutional investors advised by J.P. Morgan global alternatives.
The purchase was made on behalf of a new US separate account mandate by MAM's US core/core-plus real estate team.
Situated in Manhattan's SoHo neighborhood, the five-story property is fully-leased. Financial services payments technology firm, Block, formerly Square, occupies the property's four floors of office space, and Gucci occupies the property's ground-floor retail space. Both Block and Gucci have invested in high-end property finishes within the spaces. The tenants each have several years remaining on their leases.
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Built in 1863, the property was fully renovated in 2014.
"New York City is a global hub for innovation and Soho's unique culture draws both leading technology firms and high-end retailers alike," says Christopher Quiett, head of Macquarie Asset Management's US core/core-plus real estate team. "We are very pleased to add another great property to our New York portfolio with the purchase of 375 W. Broadway."
The sellers were represented by a JLL capital markets investment sales team led by senior managing director Andrew Scandalios, managing director David Giancola, director Alexander Riguardi, VP Jennifer Zelko and associate Madison Warwick.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
