NEW YORK CITY—Deutsche Asset & Wealth Management's real estate investment business has acquired 222 Broadway in New York City for one of its investment funds, in conjunction with L&L Holding Co. A trusted industry source reports that the property sold for approximately $500 million, or $658 per square foot. The identity of the seller, and brokers on the deal, could not be obtained by press time.
222 Broadway is a Class-A office and retail building, comprising 775,000 square feet in downtown Manhattan. Located in the Downtown North submarket of Manhattan, it is adjacent to the new, recently-opened, Fulton Transit Center, and is well situated to numerous business and retail locations.
“222 Broadway is a signature building and a core property that we are pleased to be able to add to our portfolio,” says Todd Henderson, head of real estate, Americas, at DeAWM. “The property offers stable cash flows due to its in-place mix of corporate and retail tenants, and its renovation should enhance its value long-term in this increasingly vibrant part of New York City.”
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