Deutsche Bank Pays $237M For Essex Crossing Office And Retail Condos
A partnership led by Taconic Partners has sold off the office and retail components of 180 Broome St. and 202 Broome St., two key parts of the mixed-use megaproject Essex Crossing on Manhattan's Lower East Side.
Deutsche Bank real estate heads Thomas Vasile and Andrew Mullin signed for the deals, which was published in city property records Tuesday. The combined price of the office condos and two retail condos was $237M.
A representative for Deutsche Bank declined to comment. A Taconic spokesperson didn't immediately respond to Bisnow’s request for comment.
The buildings, which also have the addresses 145 and 155 Delancey St., offer 350K SF of office space. The towers also feature residential apartments, but those weren't included in the sale.
Taconic put together the $1.9B Lower East Side master plan in a joint venture with BFC Partners, L+M Development Partners, The Prusik Group and the Goldman Sachs Urban Investment Group called Delancey Street Associates.
The newly built office suffered a blow last year when Verizon decided against relocating its employees to 135K SF of the building, The Real Deal reported at the time. As a result, the third through fifth floors at 155 Delancey St. were placed on the sublease market without ever having been occupied.
At 145 Delancey St., Delancey Street Associates built out new prebuilt office spaces and an amenity center to attract long- and short-term tenants.
The buildings also offer an indoor connection to the ground-floor shopping center, Essex Market and Market Line, a three-block-long underground food and fashion market.
But on April 1, Market Line closed, with Delancey Street Associates citing the impact of the pandemic on vendors. The closure doesn't impact Essex Market, the developers said in a statement at the time.
It is unclear whether Deutsche Bank plans to occupy the office space or lease it out to other tenants.
Deutsche Bank leases 1.1M SF for its NYC headquarters at 1 Columbus Circle, which was renamed Deutsche Bank Center from Time Warner Center when the bank replaced the media conglomerate as the anchor tenant of the Related Cos.-owned complex.
