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.