Taconic Partners is listing its office tower 817 Broadway for sale or recapitalization, The Real Deal has learned.
Taconic’s office tower, just south of Union Square, is 92 percent leased.
The interest in office properties in New York City is slowly ticking up. While transaction volume is still sluggish, office leasing continues to improve. Taconic could be testing the market on a building that has attracted a number of technology and venture capital firms.
Tenants include venture capital firm Inspired Capital and private equity firm SDC Capital Partners.
The building went through a $40 million capital program that included modernization of the lobby and amenity space on the rooftop, which offers 360 degree views of New York City.
Adam Spies and Doug Harmon of Newmark are marketing the property.
Taconic acquired the property in 2016 with TH Real Estate and Squire Investments for $109 million. The development group secured a $125 million refinancing for the property in 2021 from Ares Commercial Real Estate and Criterion Real Estate Capital.
The office building was designed in 1895 by architect George B. Post. It was formerly known as the Sprague Building and was built for cloak manufacturers Meyer Jonasson & Company.
Taconic appears to be in selling mode. The firm was part of a group that sold office condos at Essex Crossing in the Lower East Side for $221.6 million in December.
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