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

Class A office building last sold for $230M

TRD New York /
Sep.September 08, 2014 05:36 PM

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.

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.


Related Articles

arrow_forward_ios
Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

575 Fifth Avenue (Credit: Google Maps)

Beacon Capital lands $300M refinancing for Fifth Ave building

From left: London, Shanghai and Paris

The TRD weekly global digest

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Garth Ritchie (Credit: Getty Images)

Head of Deutsche’s I-banking arm to step down

Bravo reality star fights to keep Wainscott home from foreclosure, NYC developer brings a bookstore back to Sag Harbor & more Hamptons real estate news

Bravo reality star fights to keep Wainscott home from foreclosure, NYC developer brings a bookstore back to Sag Harbor & more Hamptons real estate news

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

arrow_forward_ios