PCCP, OneIM pay $65M for equity stake in Broad Street’s FiDi conversion, part of recap

PCCP , and OneIM through the entity 80 Sponsor LLC acquired an interest from Barings and Invesco through the entity TR 80 Broad Street LLC valued at $65 million for office building (O4) at 80 Broad Street in Financial District, Manhattan.

Broad Street Development in January 2026 filed plans M01312475, to convert the building from office to 326 apartments.

This purchase was part of a recapitalization that included a $175 million construction loan, reported earlier by The Commercial Observer and others.
The deal closed on March 26, 2026 and was recorded on March 27, 2026. The property has 361,710 square feet of built space according to a PincusCo analysis of city data.
Broad Street Development bought the property on September 12, 2014, for $173 million. Invesco acquired a 95% stake in a 2017 recap, and now in partnership with Barings, in this transaction sold that 95% stake valued at $65 million to PCCP and OneIM. Broad Street retains 5%. PCCP was a prior lender on the property, providing $112.56 million in 2021. As part of this recap, the owners obtained a $175 million construction loan provided by Derby Lane Partners which was not recorded as of publication.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Broad Street Development purchased two properties in two transactions for a total of $52.1 million and sold one property in one transaction for a total of $13.3 million over the past 24 months.
The seller Barings purchased two properties in two transactions for a total of $322.3 million and sold two properties in two transactions for a total of $359.5 million over the same time period. The 361,710-square-foot property generated revenue of $18.4 million or $51 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 361,710 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 131 feet and is 107 feet deep with a total lot size of 13,135 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $70 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $11,200 in OATH penalties in the last year.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 19 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 2,012,018 square feet of the 2,038,224 square feet. The largest owner is Metropolitan Transportation Authority, followed by Invesco and then Jackson Mak.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2 million square feet of built space are office buildings, with hotel buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Invesco owned at least 18 commercial properties with 762 residential units in New York City with 1,610,415 square feet and a city-determined market value of $278.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 1,610,415 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. The bulk, or 52 percent of the built space, is in Bronx, with Manhattan next at 26 percent of the space.
The PincusCo database currently indicates that Barings owned at least three commercial properties in New York City with 973,060 square feet and a city-determined market value of $467.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 973,060 square feet of built space are office properties, with hotel properties next occupying 11 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Broad Street Development owned at least four commercial properties with 62 residential units in New York City with 689,321 square feet and a city-determined market value of $170.8 million. (Market value is typically about 50% of actual value.) The portfolio has $24.9 million in debt, with top three lenders as Deutsche Pfandbriefbank, Signature Bank, and Broadview Capital respectively. Within the portfolio, the bulk, or 88 percent of the 689,321 square feet of built space are office properties, with industrial properties next occupying 8 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

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