Cushman & Wakefield To Sell Senior Mortgage on 80 Broad Street
11 Jan, 2011, New York
Cushman & Wakefield today announced that J.E. Robert Company, as special servicer, has appointed Cushman & Wakefield to sell the senior mortgage loan on 80 Broad Street, a prominent Downtown Manhattan office building comprising approximately 410,000 square feet.
Cushman & Wakefield anticipates strong demand for the offering based on the quality of the asset and location, the quality of the existing tenant base and the upward momentum in pricing for properties and loans that have traded in recent months, according to Steven Kohn, President of Cushman & Wakefield Sonnenblick Goldman and head of Cushman & Wakefield's New York Capital Markets Group. Working with Mr. Kohn on the note sale will be Helen Hwang, Nat Rockett, Karen Wiedenmann and Alex Hernandez.
Originally completed in 1931, 80 Broad Street is located at the northwest corner of Broad and Stone Streets. The 36-story building was designed by the prominent New York architectural firm Sloan & Robertson, one of the most active and accomplished firms of the period in New York.
With major tenants including HQ Global Workplaces, Aegis Communications, BTQ Financial and First Republic Bank, 80 Broad Street is approximately 75 percent occupied.
At the time it lasted traded hands in 2004, 80 Broad St. was acquired for $70 million. A senior mortgage loan for $75 million was arranged in 2006, following the completion of a major lobby and building restoration.
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