Northwood Picks Up Lower Manhattan Office Building

Northwood Investors, a privately-held real estate investment advisor founded in 2006 by John Kukral, announced this week that it had purchased 100 Broadway in Manhattan in an off-market transaction. The price of the sale was undisclosed but, according to the New York Post, the building traded for $150 million. Northwood picked up the property from a joint venture including Madison Capital and Meadows Partners, which bought the building from Hiro in October 2011 for $115 million. Brookfield Financial served as the sold advisor to Northwood, and were also responsible for bringing them together with the sellers.

"We believe that Lower Manhattan is an evolving and dynamic office market and that 100 Broadway is a terrific property in an outstanding location. While the prior owners have been very successful in leasing the property, we believe it is very well positioned to benefit in the long term from the improvements taking place in the area," said John Kukral, President and CEO of Northwood Investors. "We are delighted to add 100 Broadway to our national portfolio of commercial property."

Built in 1897 and renovated in 1998, the vintage 24-story office tower includes two floors of retail space and features 360,000 rentable square-feet of office space. Designed by architect Bruce Price, the building was originally constructed for The American Surety Company and is now designated as an historical landmark. The building is steps away from the World Trade Center site and Wall Street, and conveniently located near all modes of transportation.

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