JLL Capital Markets has arranged a $350 million loan to finance the leasehold position of 1407 Broadway, a 43-story, 1.1 million-square-foot office building. The group worked on behalf of Shorenstein Properties LLC to place the five-year loan with Barclays.
The property, built in 1950 and designed by architect Ely Jacques Kahn, underwent a $62 million modernization campaign in 2015. The three-year program included the renovation of the lobby, common areas, security, roof and terrace as well as elevator cab upgrades. The building offers unique, loft-like space with 12-foot ceilings and flexible floor plans ranging from 14,000 to 55,000 square feet. A thru-block lobby offers an additional entrance on Seventh Avenue.
Geoff Goldstein, senior director, Michael Gigliotti, senior managing director and Christopher Peck, managing director, led the financing on the JLL Capital Markets team. Andrew Scandalios, senior managing director, and David Giancola, managing director, offered office expertise.
The deal was secured by Holliday Fenoglio Fowler LP (HFF) prior to being acquired by JLL in July 2019. Co-brokerage services were provided by Jones Lang LaSalle Americas Inc.