{"id":8071,"date":"2017-04-12T08:01:18","date_gmt":"2017-04-12T08:01:18","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=8071"},"modified":"2026-08-05T12:41:42","modified_gmt":"2026-08-05T09:41:42","slug":"jemb-250m-refi-75-broad","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/jemb-250m-refi-75-broad\/","title":{"rendered":"JEMB Lands $250M for ITT Building Upgrades"},"content":{"rendered":"<div id=\"attachment_8076\" style=\"width: 250px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/75Broad_YardiMatrix.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8076\" class=\"size-medium wp-image-8076\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/75Broad_YardiMatrix-240x300.jpg\" alt=\"pearl Street view of the ITT building at 75 Broad Street in Manhattan\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-8076\" class=\"wp-caption-text\"><em>ITT Building (Yardi matrix)<\/em><\/p><\/div>\n<p>Natixis announced it has issued a fixed-rate, first mortgage CMBS loan of $250 million to refinance JEMB Realty&#8217;s iconic New York City 75 Broad Street office tower.<\/p>\n<p>Originally built in 1928 as headquarters for the International Telephone &amp; Telegraph Co., the ITT Building served as a telecommunications hub and corporate center until the 1960s. By the late &#8217;90s, when JEMB bought the property, it was an almost completely empty and underperforming asset.<\/p>\n<p>JEMB rose to the landmark&#8217;s potential and transformed the <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/financial-district\/\" target=\"_blank\" rel=\"noopener\">Financial District office property<\/a> into an appealing high-tech asset. The 34-story tower incorporates 660,000 square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener\">Manhattan office space<\/a> and 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, makes it one of the neighborhood&#8217;s most accessible buildings.<\/p>\n<p>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.<\/p>\n<p>Last year, JEMB <a href=\"https:\/\/rew-online.com\/2016\/03\/31\/downtowns-75-broad-street-to-get-new-look\/\" target=\"_blank\" rel=\"nofollow noopener\">reportedly<\/a> completed a post-Sandy improvement program that included new flood gates, a new fuel system and new and relocated electrical switchgear. 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.<\/p>\n<p>Last December, <a href=\"https:\/\/therealdeal.com\/2016\/12\/19\/jemb-shopping-50-stake-in-75-broad\/\" target=\"_blank\" rel=\"noopener\"><em>The Real Deal<\/em><\/a> 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&amp;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.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Looking for the perfect space for your business? Head over to <a href=\"https:\/\/www.commercialcafe.com\/\" target=\"_blank\" rel=\"noopener\">CommercialCafe<\/a> and start your search!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JEMB Realty got a fixed-rate, first mortgage CMBS loan issued by Natixis to refinance its iconic New York City office property at 75 Broad St.<\/p>\n","protected":false},"author":48,"featured_media":8074,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-8071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>| CommercialCafe<\/title>\n<meta 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