GFP, TPG Office-to-Resi Conversion Plans at 222 Broadway

FiDi is getting another massive residential conversion.

Earlier this year, TPG Real Estate purchased 222 Broadway for $150 million with GFP’s Jeff Gural. At the time, The Real Deal eyed the deal as an office-to-resi conversion, but could not confirm.

Now, GFP Real Estate and TPG Real Estate have submitted plans for a major office-to-residential conversion at the site, Commercial Observer reported.

The project is set to turn the 31-story building with 756,138 square-feet into 798 apartments.

TPG has invested $1.2 billion in real estate in the second quarter of 2024 alone. One of those investments was 222 Broadway. Another was a 15-story office building at 101 Franklin Street in Tribeca, which the developer bought from Columbia Property Trust for $96.5 million in June.

Both properties were purchased at considerable discounts. The Broadway site was purchased for less than a third of the $500 million Deutsche Bank paid for it in 2014.

At Franklin Street, Columbia Property Trust was looking to sell the office building for around $115 million, roughly 40 percent less than the $205.5 million Columbia paid to buy the building four years earlier. TPG bought it for even less.

— Christina Previte