Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

NEW YORK CITY-JEMB Realty, a locally based real estate owner, developer and management company, refinanced 150 Broadway, a 250,000-sf, 23-story office tower, for $60 million. Bank of America arranged the 10-year fixed-rate financing.

The building achieved 100% occupancy in 2006 and remains one of Lower Manhattan’s go-to destinations for financial, legal and other corporate firms and offers high-speed connectivity, proximity to all transportation and a responsive owner-occupied management team, according to a statement.

The property has 35,000 sf of retail space with retail tenants including Bank of America, Modell’s Sporting Goods and Sephora.

“JEMB Realty has aimed to reposition 150 Broadway as home to a variety of corporate and commercial users, as well as first-rate retailers,” says Joseph Jerome, principal of JEMB Realty. Jerome tells GlobeSt.com that current office tenants include Drum Associates, Con Edison, Northern Trust and Shandell, Blitz, Blitz & Bookson LLP.

“We have low leverage on the property,” Jerome explains. “The refinancing gave us a lot of proceeds and allows us to move forward with projects spanning the US and Canada, and to expand upon our growing asset base.”

Jerome adds that the financing from Bank of America, “is a testament to the Financial District and its attractiveness to a wide range of organizations seeking value,” adding that the property has achieved and maintains 100% occupancy for that particular reason.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.