Harbor Group in contract to buy 55 Broadway for $157M

Seller Broad Street Development bought the office site for $82M in 2006

Mar.March 10, 2014 01:30 PM

Virginia-based private real estate investment firm Harbor Group International is in contract to buy the 361,000-square-foot office building One Exchange Plaza in The Financial District From Broad Street Development, The Real Deal has learned.

Daniel Blanco — a principal at Broad Street Development, which develops, owns and manages properties — bought the 31-story building at 55 Broadway in 2006 for $82 million, property records show. The property, located near Exchange Place Alley, is now expected to sell for about $157 million, or nearly $440 per square foot, a source said.

Jones Lang LaSalle’s New York City Capital Markets Group of Richard Baxter, Jon Caplan, Yoron Cohen and Scott Latham have the listing.

Tenants in the building include news nonprofit ProPublica, the Cancer Research Institute and a FedEx Office shipping center.

Blanco could not be immediately reached for comment. Broad Street Development is currently building 25 luxury condos at 209 Sullivan Street, formerly the home of the Children’s Aid Society, as The Real Deal reported.

Harbor Group, led by Jordan Slone, bought a 46-unit rental building on the Upper East Side for $20.5 million last July, as previously reported. Aside from Norfolk, Va., the firm, which declined to provide a comment, has offices at 1412 Broadway in Midtown, and in Israel.

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