Harbor taps CBRE to market Broad Street office tower

December 13, 2011 10:07AM

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From left: Darcy Stacom and Bill Shanahan, vice chairmen of CBRE, and 4 New York Plaza
The 1.1 million-square-foot office tower at 4 New York Plaza is being marketed for a sale by a Darcy Stacom and Bill Shanahan-led CBRE Group team, according to the New York Post.

The building, at 115 Broad Street near Water Street, is 95 percent occupied, thanks largely to an 800,000-square-foot lease held by JPMorgan Chase that runs through 2025. The New York Daily News and American Media are also tenants of the building.

The building is owned by Virginia-based Harbor Group, which purchased the building for just $108 million — a recession-friendly price, according to the Post — in January 2010.

Harbor Group owns about 9.8 million square feet of commercial property and about 20,000 apartments around the country. It has become increasingly active in New York City in the last two years, as it acquired 1412 Broadway in November 2010 for $150 million and took control of a $31 million, 214-unit Upper Manhattan portfolio from Vantage Properties in August. [Post, 2nd item]