Korean investors pay $475M to JPMorgan Asset Management for ground-leased office tower in FiDi

Korea Investment & Securities and Samsung SRA Asset Management through the entity 195 B Owner LLC paid JPMorgan Asset Management 195 Newco Ground Tenant LLC $475.0 million for 195 Broadway in Financial District. The deal closed on November 1, 2019, and was recorded on November 7, 2019. The sale involves the building, which is ground-leased from iStar’s Safehold, which purchased the fee position at the same time as this building transaction. The office building is 1,052,861 square feet.

JPMorgan Asset sold an approximately 95 percent stake in the ground-leased office tower to the Korean investment firm. L&L Holding continues to own a stake in the property. It was not known as of publication whether Beacon Capital remained in the deal. The sale is part of a bifurcation of the property into a fee position that iStar’s Safehold acquired at the same time for $270 million. A Cushman & Wakefield team of Adam Spies, Doug Harmon, Kevin Donner and Josh King arranged the sale.

The last time the property sold was November 26, 2013, when JPMorgan Asset Management bought its 95 percent stake, valued at $498,450,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 1, 2012.
Over the past five years, there have been 90 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 90 renovation/alteration projects (A2) applied for with a total estimated value of $65,304,431.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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