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- Investment Vehicle
- BCSP VII
- 1,114,000 sq ft
Pursuing an off-market opportunity
In 1983, MetLife built a 30-story tower at 85 Broad Street, in the heart of Manhattan’s financial district. The building was constructed on the site of the first paved road in New York City, and its original 17th century cobblestones are preserved as the floor of the building lobby to this day.
For nearly 30 years, the tower was home to Goldman Sachs headquarters. But as the firm naturally outgrew the space and set off for their next location, MetLife was left to decide, what comes next? We recognized the potential to revitalize this property for a new generation of tenants, and checked in with MetLife regularly to see where we could help.
In 2014, our persistence paid off. We partnered with MetLife to transform the building, repositioning it from single-tenancy to multi-tenant use and celebrating the best of its past, present, and future.
Filling the space with light and life
Over three years, we led a $31 million renovation that helped usher in a new era for the historic property. A few highlights:
Enlivened the plaza and lobby with 1,100 square feet of relief maps that display the history of the area. We installed 250 sculptural LED bars to light the way down the 400-year-old cobblestone road that runs through the ground floor.
Attracted top-talent tenants, signing more than 400,000 square feet of leases with established names in finance, tech, and media.
Activated the ground floor, which had previously been unoccupied, with new shops and restaurants, including French bakery and cafe, Le Pain Quotidien.
Achieved LEED Platinum certification for our sustainability upgrades, including significant improvements to the building’s water efficiency, energy use, and green cleaning.
Added modern lifestyle amenities, including a new cafeteria, fitness center, two-floor conference center, and secure bike room.
One for the ages
By elevating the building’s rich history with immersive installations, we’re proud to have helped this storied property take on new life. In just three short years, we increased occupancy at 85 Broad Street from 40% to 87% and created long-term value for both our partners and the building’s tenants and community.