Square Mile Capital Management has originated a $161 million loan secured by One Broadway, a 12-story office building located adjacent to Battery Park in downtown Manhattan.
The loan was made to a joint venture between Rockwood Capital and Midtown Equities, and it includes proceeds for the acquisition of the mostly vacant property in addition to a capital improvement and leasing plan to reposition the building as a creative office headquarters opportunity.
Square Mile Capital principal Sean Reimer said, “We are pleased to develop a new lending relationship with both Rockwood Capital and Midtown Equities, recognized owners and operators in the New York market. This partnership has proven out a very similar business plan at its Empire Stores project in Dumbo, and we believe it is the ideal team to deliver this type of asset which will be unique to the Downtown market.”
The property features a historic, landmarked limestone façade dating back to early 1900s when the building served as the headquarters for J.P. Morgan’s International Mercantile Marine Company. The asset is easily accessed due to its proximity to 12 different subway lines, the Brooklyn Battery Tunnel, West Side Highway, FDR Drive and multiple ferries. Boutique floor plates with a U-shape design allow for unobstructed views from three sides of the building of Battery Park, the New York Harbor, Statue of Liberty, Ellis Island and East River.