NEW YORK CITY—Deutsche Asset & Wealth Management's realestate investment business has acquired 222 Broadway in New YorkCity for one of its investment funds, in conjunction with L&LHolding Co. A trusted industry source reports that the propertysold for approximately $500 million, or $658 per square foot. Theidentity of the seller, and brokers on the deal, could not beobtained by press time.
222 Broadway is a Class-A office and retail building, comprising775,000 square feet in downtown Manhattan. Located in the DowntownNorth submarket of Manhattan, it is adjacent to the new,recently-opened, Fulton Transit Center, and is well situated tonumerous business and retail locations.
“222 Broadway is a signature building and a core property thatwe are pleased to be able to add to our portfolio,” says ToddHenderson, head of real estate, Americas, at DeAWM. “The propertyoffers stable cash flows due to its in-place mix of corporate andretail tenants, and its renovation should enhance its valuelong-term in this increasingly vibrant part of New York City.”
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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.
