80 Broad Street Acquired by PCCP — Real Estate M&A

PCCP, together with Broad Street Development and One Investment Management, has completed a recapitalisation of 80 Broad Street in Lower Manhattan, also known as the Maritime Building. The transaction includes a $175 million construction loan to support the property’s adaptive conversion. The broader recapitalisation is described as totaling roughly $300 million, positioning the project for continued development and repositioning in New York City’s Financial District.

80 Broad Street is a prominent office asset in Manhattan, and the financing is tied to a conversion strategy aimed at reconfiguring the building for a new use profile. The deal reflects ongoing capital deployment by private equity and real estate development platforms into value-add opportunities in core urban markets, where adaptive reuse can help address changing tenant demand and building requirements.

The construction loan was arranged through Derby Lane Partners, with Newmark involved across the financing and recapitalisation process. Newmark’s teams included Jordan Roeschlaub, Nick Scribani and Niv Shahmoon on the financing, while Adam Spies and Adam Doneger supported the broader recap and brought in One IM and PCCP. The announcement indicates the recap is completed, with the loan intended to fund the conversion work.