1515 Broadway sold for $480M.A joint venture led by SL Green Realty agreed to acquire 1515 Broadway for $480 million last week. Such a transaction may be proof that high-profile properties can now get sufficient terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very , which has heretofore hindered trophy property sales ever since the terrorist attacks. The NYC-based REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). secured enough insurance for Lehman Brothers--their lender--to get an investment grade rating on a large portion of the debt, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. The Wall Street Journal. The property was acquired with $335 million in financing from Lehman and Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. . 1515 Broadway is a 1.75 million-SF office tower located between 44th and 45th Streets. The building is currently owned by 1515 Broadway Associates, LP. Viacom's headquarters is located here, along with tenants Jones Lang Lasalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. and the Screen Actors Guild. The sale price breaks down to $274 per SF. SL Green's spokesperson said that the building is 98% leased. Costar data shows that 64,353 SF of space is vacant inside the building. "We are delighted to be acquiring a premier asset in the heart of Times Square, New York's fastest growing and most vibrant sub market. It is a trophy property that sits in the center of one of the great locations in the world with great street presence, large floor plates and a world class tenant, Viacom," said Stephen Green, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SL Green. The real estate industry has lobbied Congress to approve a program that would safeguard the insurance industry in the event of another massive terrorist attack. Until then, many insurers simply cannot afford to offer terrorism insurance. |
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