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

Institutional investors advised by JP Morgan Asset Management have acquired a majority ownership interest in the “wedding cake” building. Located between Lower Manhattan’s upcoming Fulton street transportation center and the Calatrava Path station at the World Trade Center, 195 Broadway is 100% leased to credit tenants such as Omnicom, one of the world’s largest advertising agencies, HarperCollins Publishing, Inc. and Thomson Reuters Markets.

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