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Deutsche Bank arm buys 212-222 Broadway for $502M

Class A office building last sold for $230M

212-222 Broadway (Inset: Deutsche Bank co-CEO Anshu Jain and L&L President Robert Lapidus, courtesy of STUDIO SCRIVO)
212-222 Broadway (Inset: Deutsche Bank co-CEO Anshu Jain and L&L President Robert Lapidus, courtesy of STUDIO SCRIVO)

A property-investment arm of Deutsche Asset and Wealth Management has acquired a 775,000-square-foot office building at 212-222 Broadway in Lower Manhattan for $502 million, according to property records filed with the city today.

The 31-story Class A office property near Fulton Street features 30,000 square feet of retail. Just last year, workspace provider WeWork signed a 16-year lease for 120,500 square feet at the building, as previously reported.

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RREEF, a real estate investment trust affiliated with Deutsche Bank, closed on the site late last month. Midtown Manhattan-based firm L&L Holding Company will continue to own an unspecified minority stake in the building, sources close to the deal confirmed.

Boston-based real estate investment firm Beacon Capital Partners and L&L jointly paid $230 million in 2010 to buy it from Bank of America.

A spokesperson for Deutsche Bank declined to comment.

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Beacon Capital PartnersDeutsche BankL&L Holding Company