The Real Deal New York

Rockwood Capital is majority partner on Midtown Equities’ Broadway buy

The firms are seeking a $120M loan to acquire, reposition FiDi office building
By Mark Maurer | May 23, 2018 04:55PM

1 Broadway, Joseph Cayre and Peter Falco

1 Broadway, Joseph Cayre and Peter Falco

Rockwood Capital has been revealed as the majority equity partner on Midtown Equities’ pending deal to buy and reposition the landmarked Financial District office building known as “Number One Broadway.”

Rockwood and Midtown recently entered contract to acquire the property, located at 1 Broadway, for $140 million. Sources told The Real Deal the firms are now in the market for a $120 million loan, which would go toward the acquisition and repositioning of the 12-story property into modern offices.

The investment would bring the property’s total capitalization to around $200 million, sources said.

A Swiss trust has owned the 218,000-square-foot property since 2000. It was built in 1912. The flagship tenant, intellectual property law firm Kenyon and Kenyon, is soon relocating uptown, the New York Post reported.

Cushman & Wakefield’s Adam Spies, Doug Harmon, Josh King and Marcella Fasulo are brokering the sale. Spies and colleague Steve Kohn are handling the financing.

The brokers declined to comment, and neither Rockwood nor Midtown responded to inquiries.

Rockwood and Midtown Equities last partnered on their Empire Stores office redevelopment in Dumbo, with the HK Organization. M&T Bank provided a fresh loan on that complex in September.