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Taconic Investment Partners, TH Real Estate and Squire Investments aquire 817 Broadway for $109m

817 Broadway

Taconic Investment Partners LLC, owner, operator, and developer of commercial and residential real estate, in partnership with TH Real Estate (a division of TIAA Global Asset Management) and Squire Investments LLC, today announced the $109m acquisition of 817 Broadway, a 140,000 sq ft commercial building located at the corner of East 12th Street in Manhattan’s Greenwich Village.

The partnership purchased the 14-story building in an off-market transaction from two private families, marking the first time the building has changed ownership in over 60 years. Mesa West Capital provided the mortgage financing for the acquisition and redevelopment.

Over the next 12 to 24 months, the partnership plans to reposition the building into a Class-A institutional jewel that will stand out amongst other new and recently renovated boutique office buildings in the Midtown South submarket. The repositioning will include making significant capital improvements, and vacating the building as the existing tenants naturally expire.

"817 Broadway is an extraordinarily well located building that hasn’t had any significant money spent on it in over 60 years," said Paul Pariser, co-CEO of Taconic Investment Partners. "We plan on making a significant capital investment to upgrade all building systems, a complete façade restoration including the creation of new storefronts and a new lobby in order to transform this building into one of the most sought after Midtown South office buildings. There is deep demand in the Midtown South area for this type of space with its boutique size floorplates, abundant light through large windows and extraordinary high ceiling heights."

Built in 1900, 817 Broadway was designed by architect George B. Post, who also designed the New York Stock Exchange.

"This property fits squarely within our strategy for value-add deals as we have recently redeveloped, re-leased and fully stabilised over a million square feet of midtown office space," said Dimpesh Darjee, director of acquisitions for TH Real Estate’s New York regional team. "We are particularly thrilled to be working again with Taconic Investment Partners as developer and partner. This represents another investment in a successful long-term relationship between our two firms."

TH Real Estate has purchased the property on behalf of the TIAA Real Estate Account which provides individual investors direct access to commercial real estate.

TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or TIAA-CREF Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Teachers Personal Investors Services, Inc., member FINRA. Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201600422

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