JPMorgan looks to sell 1.1M sf FiDi office building for $730 psf

Bank’s asset management arm owns majority stake in 195 Broadway in partnership with L&L Holding and Beacon Capital
By Rich Bockmann | April 03, 2019 01:30PM

195 Broadway and JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes (Credit: Wikipedia)

195 Broadway and JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes (Credit: Wikipedia)

JPMorgan is looking to sell its Lower Manhattan office building at 195 Broadway, and it’s shooting for as much as $800 million.

The bank’s asset management arm owns a 95 percent stake in the 1.1 million-square-foot building through a partnership with L&L Holding and Beacon Capital. The partners had recently sought to refinance the building, but instead decided to change tack earlier this year.

JPMorgan Asset Management is considering bids ranging from a 49 percent stake to a sale of full ownership. If 195 Broadway sold for $800 million, the asset manager would be realizing roughly $730 a square foot.

A Cushman & Wakefield team of Adam Spies, Doug Harmon, Kevin Donner and Josh King is marketing the property.

Real Estate Alert first reported news of the listing.

JPMorgan purchased its majority stake from L&L and Beacon in 2013, in a deal that valued the property at $500 million.

Office tenants in the building, which is 90 percent occupied, include Gucci, HarperCollins, and Omnicom Media. Nobu Downtown opened its 12,500-square-foot restaurant in the building last year.

In October, it was reported that Fosun International was looking to put its FiDi office tower at 28 Liberty Street on the block for $1.6 billion, roughly $730 a square foot. Fosun denied that 28 Liberty was for sale and said it was instead looking for a strategic minority partner.