Tribeca Associates, in partnership with an institutional partner, have acquired the leasehold interest in 30 Broad Street – a 49-story, 476,000 square foot office building located next to the New York Stock Exchange in the heart of the Financial District. Just off Wall Street with convenient access to transportation, the Property is located at the epicenter of Downtown’s accelerating transformation. The Property’s high-visibility corner location, with frontage along Broad Street, Exchange Place, and New Street, has great views and light and air, with exposures on all four sides from floors 31 to 49. Built in 1932, this office building has base floors of 15,000 sf and tower floors of 5,000-11,000 sf, which are ideally suited for full-floor boutique tenants in the financial, legal, creative, and technology sectors.
The investment strategy is to reposition the building upon completion of a comprehensive renovation of both public and tenant areas, including modernizing the lobby, elevators, building systems and designing/building pre-built units. Tribeca Associates will serve as both developer to oversee the renovation and as asset manager. We will also introduce institutional property management and leasing, CBRE has been retained to provide building management services and Newmark will handle tenant leasing.
The acquisition of 30 Broad Street comes at a critical time in Downtown’s evolution into a 24/7 live/work destination. The long awaited transportation hubs are complete, significant corporate relocations are on-going, new luxury residential towers and hotels are under construction, and major retailers and restauranteurs are opening flagships.