Wells Fargo Behind $345M Financing of 1745 Broadway Office Condo Acquisition
By Matt Grossman June 4, 2018 10:55 am
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Wells Fargo (WFC) is lending $345 million to finance the acquisition of the office condominium portion of 1745 Broadway, according to property records.
Commercial Observer reported in April that SL Green (SLG) and Ivanhoe Cambridge were in contract to sell the 685,000-square-foot space to an unidentified “institutional client of Invesco Real Estate (IVZ).” Invesco was the only entity named on the buyer’s side of the deed, which was signed by Ron Ragsdale, a managing director at Invesco. After initial reports that the condo would change hands for $633 million, records filed with New York City reflect a sale price of $596 million.
The condo takes up the second through the 26th stories of the 50-story building, located between West 55th and West 56th Streets. Penguin Random House leases 604,000 square feet of the space. PDT Partners, an investment-management company, is the second-largest tenant with a suite that spans two floors. Capital One (COF) Bank operates a retail branch at sidewalk level.
A second entrance to the building provides access to residential units that were not involved in the sale or the financing.
Built in 2006, the tower was designed by Skidmore, Owings & Merrill. SL Green’s web page for the building boasts that the property offers views of Central Park and the Hudson River, access to a dozen subway lines, and a garage for over 400 cars.
Representatives for Wells Fargo and Invesco did not immediately respond to requests for comment.
