NEW YORK CITY-Harbor Group International is under contract to buy 55 Broadway, the firm’s spokesperson has confirmed. The 336,000 square-foot office building—also known as Exchange Plaza—was sold by Broad Street Development and partner Crow Holdings for $157 million, according to the New York Post. The sellers reportedly purchased the building for $82 million back in 2006.
Harbor Group declined to coment at press time but may issue a statement later; watch for an update on GlobeSt.com. The broker on the sale reportedly was Jones Lang LaSalle. The firm did not respond to a request for comment by press time.
The building’s value surge is said to be due largely to Broad Street’s plan to create an 11,000 square-foot retail “glass box” at the base of the building. Though the company didn’t see the project through during its period of ownership of the building, Harbor Group is expected to quickly pick up where the former firm left off.
The deal comes at a time when retail in Lower Manhattan is having an epic moment. Some 1.5 million square feet of new or substantially improved retail space was created south of Chambers street in 2013 alone, according to the Alliance for Downtown New York.
The deal is expected to close in a few weeks. Harbor Group has a $3.8 billion global portfolio that includes 1412 Broadway and some small apartment buildings around the city. In total, it holds 10.5 million square feet of commercial space.