Broad Street Development, Invesco Pursue FiDi Conversion

It’s getting easier to keep track of the buildings in the Financial District that aren’t getting converted from offices to residences versus the ones that are.

Broad Street Development and Invesco are the latest to join the fray, filing plans for a 326-unit conversion at 80 Broad Street, Crain’s reported. The 423,000-square-foot office building would be condensed into 336,000 square feet thanks to design work by Rawlings Architects.

Features of the conversion would include a basement fitness studio, a restaurant and a doctor’s office on the first floor, as well as co-working space, bike storage and a pool on the seventh floor.

Broad Street’s vice president of operations and construction Ryan Bird filed the permits for the project, which was first reported by PincusCo.

Office tenants at the building include cannabis startup LeafLink and co-working company Regus. One tenant that probably won’t need much convincing to relocate? Broad Street itself, which has its headquarters there.

Broad Street bought the building in 2014 for $175 million. In December 2017, ownership secured a $102 million mortgage on the property, courtesy of AIG Investments.

The mortgage was issued about a month after Invesco purchased a 95 percent stake in the building from Broad Street for $235 million. Broad Street retained a 5 percent stake in the tower and continued to manage the property.

In 2021, PCCP issued a $150 million loan to refinance the building, shortly after a $9 million capital improvement project that included upgrades to the hallways, restrooms and lobby.

Manhattan’s Financial District, long the money capital of the city, has become a mecca for conversions since the pandemic. Just this month, Samuel Fisch of Blue Fin Equities moved to convert the 28-story building at 40 Fulton Street, planning to build 169 units after acquiring control of the property via a 2022 $88.9 million ground lease with Fulton & Pearl, an affiliate of prominent investor David Werner.

In the first eight months of 2025, more than 4 million square feet of office space in the borough was converted to residential use, according to Cushman & Wakefield, exceeding the totals for each of the preceding two full years.

— Holden Walter-Warner