NEW YORK CITY-L&L Holding Company andBeacon Capital Partners—co-owners of 195Broadway—have announced the recapitalization of the 29-storylandmarked property, which once served as the New York headquartersof AT&T. The deal reportedly is worth more than $500 million,according to the New York Post.

Institutional investors advised by JP Morgan AssetManagement have acquired a majority ownership interest inthe “wedding cake” building. Located between Lower Manhattan'supcoming Fulton street transportation center and the Calatrava Pathstation at the World Trade Center, 195 Broadway is 100% leased tocredit tenants such as Omnicom, one of the world's largestadvertising agencies, HarperCollins Publishing, Inc. and ThomsonReuters Markets.

Designed in 1916, the building will soon be adding a notableretail component, with 15,000 square feet of lobby level stores and20,000 square feet of retail space below grade as well as on aportion of the roof. Earlier this year, L&L hired a VP of developmentJonathan Ninnis,formerly of VVA Project Managers andConsultants—specifically to oversee redevelopment of 195Broadway's retail program.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.