Northwood Investors, a privately-held global real estate investment firm, has acquired the office building
at 100 Broadway in New York City from Madison Capital and Meadow Partners for a reported $150 million, which would equate to approximately $380 per square foot.
The 24-story, 393,335-square-foot historic tower was originally built in 1897 on one-third of an acre in the World Trade Center submarket of Lower Manhattan, at the southeast corner of Pine Street. It features 44,000 square feet of retail space
on two floors, and is located just steps from Wall Street and convenient to public transit.
The asset was 95 percent leased at the time of sale to multiple tenants including Buro Happold Consulting Engineers, Parsons Corporation, Phoenix Construction, and Duane Reade. Asking rents for available space on an upper floor comes in at $38 per square foot.
"We believe that Lower Manhattan is an evolving and dynamic office market and that 100 Broadway is a terrific property in an outstanding location. While the prior owners have been very successful in leasing the property, we believe it is very well positioned to benefit in the long term from the improvements taking place in the area," said John Kukral, president and CEO of Northwood Investors. "We are delighted to add 100 Broadway to our national portfolio of commercial property."
Brookfield Financial, led by managing partner Chris Wilson, advised the buyer and brought them together with the sellers in this off-market sale.
"Downtown Manhattan is in the midst of an exciting transition and Northwood is well poised to realize this potential with their long-term perspective," added Wilson.
Please see CoStar COMPS #2817775 for additional information on this transaction.