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JEMB Lands $250M for ITT Building Upgrades

04/19/2017
Published By: Ioana Ginsac
pearl Street view of the ITT building at 75 Broad Street in Manhattan

ITT Building (Yardi matrix)

Natixis announced it has issued a fixed-rate, first mortgage CMBS loan of $250 million to refinance JEMB Realty’s iconic New York City 75 Broad Streetoffice tower.

Originally built in 1928 as headquarters for the International Telephone & Telegraph Co., the ITT Building served as a telecommunications hub and corporate center until the 1960s. By the late ’90s, when JEMB bought the property, it was an almost completely empty and underperforming asset.

JEMB rose to the landmark’s potential and transformed the Financial District office building into an appealing high-tech property. The 34-story, 660,000-square-foot tower is exquisitely positioned to offer great Downtown Manhattan views from all elevations. Moreover, proximity to several subway stations, including the J, Z, R, 2, 3 lines and the 4 and 5 trains, make it one of the neighborhood’s most accessible buildings.

The pre-war structure features high ceilings, a historic lobby, flexible floorplates of up to 30,000 square feet, state-of-the-art security systems, highly sophisticated telecommunication installations, a data center and much more.

Last year, JEMB reportedly completed a post-Sandy improvement program that included new flood gates, a new fuel system and new and relocated electrical switch gear. The company invested more than $50 million in building improvements, roof replacements, elevator upgrades and renovations to common areas, lobbies and restrooms. Further repositioning efforts include the addition of a shared conference center and a state-of-the-art fitness facility.

Last December, The Real Deal reported that JEMB was looking to sell a 50% stake in the office tower and was marketing the property as a value-add investment, at 86% occupancy. AT&T leases roughly 29,000 square feet and is one of the largest tenants on the roster, joined by Toll Brothers, Internap, North South Productions, the New York City Opera and the Millennium High School.

 

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Release Date04/19/2017 - 03:00

Source

CommercialCafe

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