SHVO-Led JV Lands $210M for Manhattan Building Acquisition

JLL Capital Markets has secured the financing from LoanCore Capital LLC.
530 Broadway. Image courtesy of JLL

A SHVO-led joint venture that includes Deutsche Finance America and BLG Capital Ltd. has received $210 million in acquisition financing from LoanCore Capital LLC toward the purchase of 530 Broadway, a nearly 200,000-square-foot mixed-use building in Manhattan’s SoHo neighborhood.


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The joint venture purchased the 11-story office and retail property with three interconnected buildings from Wharton Property Advisors and Thor Equities in a separate transaction for nearly $400 million, according to media reports. Constructed in 1898, the building is located at the corner of Broadway and Spring Street. The building’s office space is fully leased with tenants including Anomaly, JKR and Knotel, which leased 49,000 square feet in a 10-year lease agreement that started in July 2018, according to Yardi Matrix data. Retail tenants include Skechers, Club Monaco and AT&T.

A JLL Capital Markets team led by Michael Tepedino, David Sitt and Robert Tonnessen helped secure the loan from LoanCore Capital and oversaw the financing transaction. Tepedino said in a prepared statement the 11-story office and retail property is a prime asset and will be a valuable part of the team’s portfolio.

Other acquisitions

SHVO, Deutsche Finance and BLG Capital have partnered on the acquisition of six other properties in the past 18 months, including 685 Fifth Ave. and 711 Fifth Ave. in New York City. Known as The Coca-Cola Co. Building, 711 Fifth Ave., is a 313,200-square-foot building in the Plaza District that sold for $909.3 million and was the top office building sale in September 2019 in New York City, according to PropertyShark. Like 530 Broadway, it also has retail, about 20,000 square feet on lower levels.

In February, SHVO led a partnership that also included Deutsche Finance in a deal to buy the iconic Transamerica Pyramid Center in San Francisco for $711 million. That deal is expected to close in the second quarter. It is the first time the 501,456-square-foot tower has been sold. Other recent SHVO-led acquisitions include 9200 Wilshire Blvd. in Beverly Hills, Calif., and the historic 83-key Raleigh Hotel at 1775 Collins Ave. in Miami Beach, which was purchased for $103 million in an all-cash deal from a partnership between Tommy Hilfiger and Dogus Group, a Turkish conglomerate.