Takenaka Corporation under contract to buy One Broadway for $170M
Rockwood Capital and Midtown Equities are selling One Broadway.
The short version
- Takenaka Corporation is under contract to buy it.
- The price tag is $170 million cash.
- The 12-story historic building spans 230,000 square feet.
- Fiserv and Citibank lease the entire property now.
Rockwood Capital and Midtown Equities are saying goodbye to their trophy office building at 1 Broadway. Japan's Takenaka Corporation, a giant builder and property collector led by Toichi Takenaka, is now under contract to buy the property for $170 million, according to Commercial Observer.
The historic 230,000-square-foot, 12-story property sits fully leased to Fiserv, which takes up roughly 92 percent of the building, while Citibank occupies the retail space. Fiserv has already poured $67 million into its space, with another $30 million on the way for the remaining build-out.
Built back in 1884, the landmark building once served as the headquarters for J.P. Morgan's International Mercantile Marine Company and was gut-renovated in 2020. Rockwood and Midtown Equities originally purchased the downtown Manhattan property for $140 million in 2018 with plans to turn it into creative office space.
Takenaka has a long history of snapping up unique trophy properties across the United States, including the Grand Hyatt Kauai in Hawaii, the Hyatt Andaz Fifth Avenue in New York, and Seattle's Tilt 49 office building, which is fully leased to Amazon, which owns the online store and cloud computing giant.
Representatives for Rockwood, Harrison Street Asset Management, and Newmark declined to comment on the transaction, while Takenaka did not return a request for comment. For local real estate investors, large Asian conglomerates continue to park big money in prime New York real estate.
