195 Broadway

Property Overview:
195 Broadway, a one million-square-foot Class A landmarked office building, occupies a unique position within downtown Manhattan. Its competitive advantages have helped establish it as one of Downtown's most revered buildings and enabled it to secure both a diverse and a credit-worthy tenant roster. Simultaneously, it is exceptionally well positioned to capture the benefits of the transformative near-term improvements in the immediate area, including the Fulton Street Transit Center and the World Trade Center Transit hub.

Investment Strategy:

L&L recognized the following areas that could enhance the building's short and long-term value:

Identified inefficient and improper building management practices.
Capitalize on building's proximity to the future Fulton Street Transit Center and WTC Transit hub.
Top three floors were vacant and at below market rents on space coming to market.
Under-utilized retail, with leasing execution difficult given need for approval from the LPC.

Value Created:

Secured LPC approval to create approximately 30,000 square feet of retail space in the lobby and one level below grade, which is projected to add approximately $75 million to the building value.
Initiated relocation of Omnicom to downtown from its previous Midtown location and leased the vacant top floors of the building on a long-term lease.
Reduced operating expenses by $1.60 per square foot and improved management.