Institutional investors advised by JP Morgan have acquired a majority ownership of the landmarked 195 Broadway from L&L Holding Company and Beacon Capital Partners.
L&L chairman and chief David Levinson and partners bought the Financial District property for $206 million in 2005. The New York Post reported that the 29-story office tower is currently worth about $500 million.
195 Broadway is 100 percent leased at the moment. Last spring, global advertising giant Omnicom expanded by 26,414 square feet in the building, bringing its total footprint to 295,294 square feet. HarperCollins made waves last year by relocating from Midtown to the 1.1-million-square-foot tower, which previously served as AT&T‘s New York headquarters. The anchor tenant is Thompson Reuters Markets.
The recapitalization of 195 Broadway coincides with the addition of 35,000 square feet of ground floor and basement retail.
Yong Cho, a senior managing director at L&L, said in a prepared statement that the transaction was “yet another indication of the rising strength” of what he dubbed the “Downtown North” submarket.