The Real Deal New York

Invesco lands $102M for 80 Broad St.

Company bought 95% stake last month
By Kathryn Brenzel | December 18, 2017 04:01PM

80 Broad Street and Invesco’s Martin Flanagan

Invesco just secured a $102 million mortgage for 80 Broad Street, a FiDi office tower the company bought a controlling stake in earlier this year.

The Atlanta-based firm purchased a 95 percent stake in the building last month, paying $235 million. Invesco assumed the mortgage from the property’s previous owners, Broad Street Development, according to documents filed with the city’s Department of Finance. AIG Investments provided the financing.

Representatives for Invesco didn’t immediately return a call seeking comment.

Broad Street Development bought the building in 2014 for $175 million. The company retained a 5 percent stake in the 425,000-square-foot tower and continues to manage the property.

In March, The Real Deal reported that Kushner Companies, RFR Realty and LIVWRK bought Invesco out of its stake in a large office and retail complex in Dumbo Heights. The deal was valued at $600 million.