Skip Ribbon Commands
Skip to main content

News release

NEW YORK, NY

Lenders Lean Toward Manhattan’s Growing Tech Corridor

JLL secures $90 million in acquisition and repositioning financing for 670 Broadway


NEW YORK, Nov. 4, 2015 – JLL’s Capital Markets experts today announced the firm has secured $90 million in acquisition and repositioning financing for 670 Broadway, an office and retail building located in Manhattan’s Midtown South submarket. The building is being purchased by Paramount Group Real Estate Fund VII.  Bank of America provided the loan.
 
Managing Directors Dustin Stolly and Aaron Appel and Vice President Aaron Niedermayer led the JLL team on the transaction.
 
“Midtown South is one of the top performing office submarkets in the country. Combine this with the high volume of foot traffic along the property’s Broadway and Bond frontage and it made for an extraordinarily compelling opportunity among lenders,” said Stolly. “We received more than a dozen proposals.”
 
Added Appel, “The number of technology and media jobs continues to grow in Midtown South, and the planned repositioning of 670 Broadway as a creative space will meet growing tenant demand.”
 
The Class A building was purchased in an off-market deal. Totaling 77,500 square feet, 670 Broadway is located near residential properties, dining and entertainment venues, New York University and public transportation.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.