$64m for Exchange Plaza.

The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity for One Exchange Plaza, a 306,000 s/f Class A office tower in Manhattan's Financial District.

HFF senior managing director Michael Tepedino and associate director Steven Klein worked exclusively on behalf of Broad Street Development, LLC to secure a $64 million, 10-year fixed-rate loan through Cigna Investments and joint venture equity with Crow Holdings.

The equity and loan proceeds will be used in the acquisition and redevelopment of One Exchange Plaza. Broad Street Development, LLC is a real estate company that acquires and repositions core plus real estate assets throughout the United States.

One Exchange Plaza is located at 55 Broadway on the northwest corner of Broadway and Exchange Place in New York City.

The 32-story property was 80% occupied at the time of acquisition primarily by boutique office tenants including LaBranche, Kellogg Capital Group, Bank of Communication and Source Media.

"The downtown market in New York has been one of the most active office markets in the country. Overall vacancy rates are down considerably, asking rents have increased significantly and leasing activity has been extremely active," said Tepedino.