Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
Deutsche Bank is reportedly looking to sell its 222 Broadway building, following a significant loss due to the departure of key tenants. The bank is prepared to accept a hefty loss on the property, which was purchased a decade ago for about $500 million.
According to an article published by The Real Deal on Wednesday, the bank's asset management arm, Deutsche Wealth Services, is looking to sell the 31-story building for anywhere between $150 million and $200 million.
The 780,000-square-foot building is currently only 31% occupied after the Bank of America, which had leased most of the office space, allowed its lease to expire. The space was also previously leased by WeWork, which is now in bankruptcy.
The building is being pitched as a "blank canvas opportunity" for investors, citing potential for re-leasing it as an office or converting parts or all of it into residential space. The marketing materials from Newmark, headed by Adam Spies and Josh King, suggest that the tower floors are particularly suitable for conversion due to their layouts and access to light and air.
The bank purchased the property in 2014 from Beacon Capital and L&L Holding Company. Although the offices are nearly vacant, the retail space is almost entirely leased and generates over $60 million in revenue with tenants including Zara and JP Morgan.
Read Next: Ivanka Trump Admits To Discussing Real Estate With Husband Jared Kushner, Says Deutsche Bank Was 'Quite Excited' To Land Deals With Trump Organization
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.