Union Investment Puts 140 Broadway For Sale

The Financial District’s 140 Broadway is up for sale, with an asking price approaching $400 million.

Union Investment, the asset-management arm of Germany’s second-largest bank DZ Bank Group, has put the 1.2 million-square-foot office tower across from Zuccotti Park up for sale, The Real Deal has learned.

The 51-story skyscraper is 73 percent leased, anchored by roughly 190,000 square feet occupied by the law firm Brown Brothers Harriman, according to a marketing memo from Newmark.

Union Investment spent $160 million over the past decade improving the building, including a renovation last year that updated the lobby and created a new amenity space.

But the property’s strongest selling point may be the FiDi office market. Completed and planned office-to-residential conversions have taken about 80 million square feet of space offline, or about 16 percent of the Financial District market, according to Newmark.

That’s “driving increased leasing velocity and strengthening tenant demand for remaining Class A assets,” marketing materials read.

A spokesperson for Union Investment could not be immediately reached for comment. A Newmark team led by Adam Spies and Marcella Fasulo is running the sales process.

Union Investment bought 140 Broadway in 2004 for a reported $465 million, then a near FiDi price record as the neighborhood was still recovering from the 9/11 attacks.

The company has recently inked a series of leases at the 1960s-era building, including a 100,000-square-foot deal with the consulting company Arup last year.

Union Investment is headed by longtime CEO Hans Joachim Reinke, who is stepping down in April. He will be replaced by André Haagmann. The real estate arm is led by Dr. Michael Bütter.

The company in October put its building on Chicago’s Gold Coast luxury shopping corridor at 57-65 East Oak Street up for sale.