ITT Building (Yardi matrix)
Natixis announced it has issued a fixed-rate, first mortgage CMBS loan of $250 million to refinance JEMB Realty’s iconic New York City 75 Broad Street office tower.
Originally built in 1928 as headquarters for the International Telephone & Telegraph Co., the ITT Building served as a telecommunications hub and corporate center until the 1960s. By the late ’90s, when JEMB bought the property, it was an almost completely empty and underperforming asset.
JEMB rose to the landmark’s potential and transformed the Financial District office building into an appealing high-tech property. The 34-story, 660,000-square-foot tower is exquisitely positioned to offer great Downtown Manhattan views from all elevations. Moreover, proximity to several subway stations, including the J, Z, R, 2, 3 lines and the 4 and 5 trains, make it one of the neighborhood’s most accessible buildings.
The pre-war structure features high ceilings, a historic lobby, flexible floorplates of up to 30,000 square feet, state-of-the-art security systems, highly sophisticated telecommunication installations, a data center and much more.
Last year, JEMB reportedly completed a post-Sandy improvement program that included new flood gates, a new fuel system and new and relocated electrical switch gear. The company invested more than $50 million in building improvements, roof replacements, elevator upgrades and renovations to common areas, lobbies and restrooms. Further repositioning efforts include the addition of a shared conference center and a state-of-the-art fitness facility.
Last December, The Real Deal reported that JEMB was looking to sell a 50% stake in the office tower and was marketing the property as a value-add investment, at 86% occupancy. AT&T leases roughly 29,000 square feet and is one of the largest tenants on the roster, joined by Toll Brothers, Internap, North South Productions, the New York City Opera and the Millennium High School.
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Ioana Ginsac
Senior Content Writer, Industry News & Reports
Ioana is a content writer who has been covering all-things-CRE (and more) for several Yardi network publications since 2017. You will find her byline regularly in industry news and market reports, but also on articles covering sustainable development, green urbanism, and innovation, all of which she has been passionately learning about for more than a decade. Her work has been referenced by publications including AmericanInno, Bisnow, BusinessInsider, Commercial Property Executive, Curbed, Fast Company, Forbes, GlobeSt.
