Global alternative asset manager The Carlyle Group and ClearRock Properties, a northeast regional owner and operator, have acquired 920 Broadway, a 106,000-square-foot, 17-story Flatiron District office tower on the corner of 21st street and Broadway. Financial terms of the acquisition, from Einstein College at Yeshiva University, were not disclosed.
Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG), and ClearRock Properties, a northeast regional owner and operator, today said they have acquired 920 Broadway, a 106,000-square-foot, 17-story Flatiron District office tower on the corner of 21st street and Broadway. Financial terms of the acquisition, from Einstein College at Yeshiva University, were not disclosed.
The new owners plan significant improvements to the property. More than $10 million will be invested to create a new lobby, elevators, HVAC, restrooms, windows, security system and energy conservation technology. In addition, the owners will upgrade the standard of service to meet the growing demand for high quality office space in Midtown South.
Steve Grant, Managing Principal with ClearRock Properties, said, “We are delighted to expand our partnership with Carlyle. 920 Broadway will be attractive to Midtown South’s increasingly diverse array of technology, media, financial and other boutique tenants.”
Andrew Chung, Carlyle Managing Director, said, “We are proud to acquire such a high quality asset in a market with the lowest vacancy rate in New York. Our plan is to reposition the building to a Class A Midtown South office building.
To help complete the property’s transformation, a highly experienced team has been assembled. Dan Shannon, of Moed de Armas & Shannon, has already begun crafting the vision for a new lobby, elevators and entry. In conjunction, Scott Spector, of The Spector Group, will help create a flexible, modern design for new tenant spaces.
In addition, Jones Lang LaSalle’s vice chairman Mitch Konsker will oversee the property’s leasing along with JLL’s managing director Matt Duthie overseeing property management.
Constructed in 1916, 920 Broadway, located at the southeast corner of East 21st street, was designed by Schwartz & Gross and offers floor plates of 6,400 square feet.
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About ClearRock Properties
ClearRock Properties is a real estate investment, development and operating firm overseeing urban and suburban office properties, with a focus on adding value through proactive management. The firm’s principals, Steve Grant and Doug Winshall, have over 45 years of experience in acquisitions, leasing, asset management, property management and construction. ClearRock currently owns and/or operates 1.8 million square feet in 14 buildings across the Northeast. (www.clearrockproperties.com)
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 113 funds and 67 fund of fund vehicles as of December 31, 2012. Carlyle’s purpose is to invest wisely and create value on behalf of our investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,400 people in 33 offices across six continents.
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