920 Broadway

• 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

• 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