Deutsche Asset & Wealth Management has agreed to acquire a 95-percent stake in 222 Broadway, Real Estate Alert reported yesterday. The deal, brokered by Eastdil Secured, values the property at approximately $500 million.
Beacon Capital and L&L Holding Company paid Bank of America (BAC) $230 million for the building in 2012. Boston-based Beacon is selling its equity stake in the building while L&L will stay on as a partner and building manager, according to the report.
As reported by Commercial Observer, collaborative workspace provider WeWork (WE) signed a 16-year, 120,537-square-foot lease at 222 Broadway last March. Conde Nast also leased over 80,000 square feet of space in the building last year. Early this year, retailer Zara signed a 15-year, 30,000-square-foot lease at the building.
When it sold the building two years ago, Bank of America leased back 590,000 square feet at 222 Broadway until 2022 but last year exercised an option to vacate 91,000 square feet, according to Real Estate Alert.
Representatives of L&L Holding did not immediately reply to a request for comment. Deutsche Asset & Wealth Management could not immediately be reached.