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

TRD New York /
Apr.April 03, 2019 01:30 PM
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.


Related Articles

arrow_forward_ios
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...