60 Broad St sold to Wells: $231M.In the first major transaction of 2004, Wells Real Estate Funds has purchased 60 Broad St. for a reported $213 million. The property, which has been recently renovated and wired for high-speed Internet See broadband. access, will be changing hands for the third time in five years. Located two blocks away from the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , the 989,300 s/f class A office building offers several strategic advantages to its new owner. Known for keeping up a steady, near 100% occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) , the building underwent a $60 million renovation program in 1999. 60 Broad Street is also eligible for benefits from the Industrial and Commercial Incentive Program, the Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North Energy Program and the Lower Manhattan Development Corporation. The building was sold by a partnership between the Cogswell Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Group and Lend Lease Real Estate Investments, which bought 60 Broad St. back in 2000 for $156.5 million. Tenants at the property include Guardian Life Insurance, Bond Technologies, Inc. and the International Securities Exchange. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion