Carlton chair Howard L. Michaels says the mortgage terms were "very favorable" and that Carlton also accessed Swig to contribute equity capital and to joint venture with Broadway. This enabled Swig to buy out Praedium. The transaction gave the new joint venture 100% control of the asset.
The Financial District site, which was built in 1930, contains 395,070 sf of rentable office and retail space that is 83% leased. It is currently undergoing a building-wide renovation to transform it into a luxury boutique office. The program is expected to include a renovated building lobby, newly refurbished elevator cabs, new core bathrooms and multi-tenant floor upgrades for newly signed leases. There will also be the installation of state-of-the-art security and fire/life safety systems. Swig Burris previously renovated and leased 48 Wall St., 44 Wall St. and 5 Hanover Square.
The 80 Broad St. transaction is among the more than $3 billion of debt and equity financing transactions that Carlton closed over the past six months. Carlton executives Michael J. Campbell and Matthew Meek assisted Michaels.
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