Wells Fargo Behind $345M Financing of 1745 Broadway Office Condo Acquisition


Wells Fargo is lending $345 million to finance the acquisition of the office condominium portion of 1745 Broadway, according to property records.

SEE ALSO: Flushing Building Package Sells for $28M via Bankruptcy Auction 

Commercial Observer reported in April that SL Green and Ivanhoe Cambridge were in contract to sell the 685,000-square-foot space to an unidentified “institutional client of Invesco Real Estate.” 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 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.