920 Broadway

New York, NY

Project summary

Partner: The Carlyle Group

New York, NY

Total SF: 166,000


The Carlyle Group


  • Office & Ground Floor Retail
  • 107,000 SF


February 2013 – May 2014


  • Located in the rapidly improving Midtown South submarket in the Flatiron District
  • Corner avenue located with large floor plates, a center core, high ceilings and good natural light
  • Disjointed sale process – August timing, six buildings separately marketed, multiple brokers with all proceeds from the sale donated to a University
  • 100% leased at time of acquisition with in place rents at half of market
  • Pricing was 30% below replacement cost

Value Add / 

  • Arranged the purchased of all six buildings achieving a volume discount
  • Bought out existing tenants whose rents were half of market
  • Executed a +$10MM redevelopment project that included a new lobby, elevators, façade work and common area upgrades
  • Signed two full-floor leases at record setting rents
  • Sold after 18 months for +2x the purchase price