The Monetary District’s 140 Broadway is up on the market, with an asking worth approaching $400 million.
Union Funding, the asset-management arm of Germany’s second-largest financial institution DZ Financial institution Group, has put the 1.2 million-square-foot workplace tower throughout from Zuccotti Park up on the market, The Actual Deal has realized.
The 51-story skyscraper is 73 % leased, anchored by roughly 190,000 sq. toes occupied by the regulation agency Brown Brothers Harriman, in accordance with a advertising and marketing memo from Newmark.
Union Funding spent $160 million over the previous decade bettering the constructing, together with a renovation final yr that up to date the foyer and created a brand new amenity area.
However the property’s strongest promoting level could be the FiDi workplace market. Accomplished and deliberate office-to-residential conversions have taken about 80 million sq. toes of area offline, or about 16 % of the Monetary District market, in accordance with Newmark.
That’s “driving elevated leasing velocity and strengthening tenant demand for remaining Class A property,” advertising and marketing supplies learn.
A spokesperson for Union Funding couldn’t be instantly reached for remark. A Newmark workforce led by Adam Spies and Marcella Fasulo is working the gross sales course of.
Union Funding purchased 140 Broadway in 2004 for a reported $465 million, then a close to FiDi worth file because the neighborhood was nonetheless recovering from the 9/11 assaults.
The corporate has not too long ago inked a collection of leases on the Nineteen Sixties-era constructing, together with a 100,000-square-foot cope with the consulting firm Arup final yr.
Union Funding is headed by longtime CEO Hans Joachim Reinke, who’s stepping down in April. He shall be changed by André Haagmann. The true property arm is led by Dr. Michael Bütter.
The corporate in October put its constructing on Chicago’s Gold Coast luxurious procuring hall at 57-65 East Oak Street up on the market.
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