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News release


Value-Add Potential Leads to $102M Financing for New York Office Asset

JLL secures $102 million loan for 817 Broadway

NEW YORK, Dec. 13, 2016 – On behalf of a partnership between Taconic Investment Partners, TH Real Estate (a division of TIAA Global Asset management) and Squire Investments, JLL’s Capital Markets experts today announced the firm secured a $102 million loan from Mesa West Capital to be used for the acquisition of 817 Broadway. The loan will also be used for an extensive capital improvements and a re-tenanting program for the 15-story commercial asset.

Managing Directors Jonathan Schwartz and Aaron Appel and Senior Vice President Mark Fisher led the JLL team on the deal.

“This financing allows strong sponsorship to transform 817 Broadway into a Class A asset that will benefit from its location in one of the world’s premier office markets,” said Schwartz. “We expect financing to continue to be available as sponsors look to enhance assets to cater to the tech, media, fashion and financial tenants that have grown Midtown South’s rent basis.”

Added Appel, “This deal is a great example of the strength of Midtown South’s office market. Investors will continue to covet well-located assets with value-add potential as they look to capitalize on strong rent growth trends.”

Located on the Southwest corner of 12th Street and Broadway, 817 Broadway provides tenants with easy access to public transportation at Union Square, which is two blocks north. The asset is also located just south of Midtown South’s high-profile tech and media cluster where office vacancy is just 6.7 percent, the lowest in Manhattan.

“Given their successful track record executing business plans in the New York metro, we’re confident in the sponsors’ ability to deliver once again,” said Russell Frahm, Vice President at Mesa West Capital. “We are looking forward to working with the sponsorship group for the first time.”

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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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.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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