HGI Affiliate Closes $157M Purchase of 55 Bway



55 Broadway
55 Broadway

An affiliate of Harbor Group International has closed on the purchase of the 358,637-square-foot office property at 55 Broadway from an affiliate of Broad Street Development.

The 32-story building, located on the southwest corner of Broadway and Exchange Place, contains ground-floor retail and an urban plaza.

CBRE Group’s Debt & Structured Finance team—part of the company’s Capital Markets group—completed a seven-year, $105 million loan for the acquisition, CBRE said in a news release. HGI’s investment partners in 55 Broadway include Image Capital.

The deal closed on April 1 and appeared in public records today.

“55 Broadway is a unique, modern, Class A property in the thriving Financial District near the World Trade Center development, the soon-to-be-completed Fulton Street Transit Center and numerous high-end residential developments,” said Jordan E. Slone, chairman & CEO of HGI in a prepared statement. “Downtown Manhattan is undergoing a renaissance as creative, media and technology tenants increasingly relocate to the market, creating a new, dynamic and desirable downtown.”

ProPublica, FedEx Office and the Cancer Research Institute are a few of the tenants in the building.