Deutsche Asset & Wealth Management Acquires 222 Broadway in New York City
Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business today announced that it has acquired 222 Broadway in New York City for one of its investment funds, in conjunction with L&L Holding Company, a Manhattan-based owner/operator of Class A properties.
222 Broadway is a Class-A office and retail building, comprising 775,000 square feet in downtown Manhattan. Located in the Downtown North submarket of Manhattan, it is adjacent to the new, recently-opened, Fulton Transit Center, and is well situated to numerous business and retail locations.
“222 Broadway is a signature building and a core property that we are pleased to be able to add to our portfolio,” said Todd Henderson, Head of Real Estate, Americas, at DeAWM. “The property offers stable cash flows due to its in-place mix of corporate and retail tenants, and its renovation should enhance its value long-term in this increasingly vibrant part of New York City.”
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$48.2 /EUR35.2 billion in assets under management as of June 30, 2014, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management’s real estate investment capabilities, go to www.rreef.com
Deutsche Asset & Wealth Management
With $1.31 trillion of assets under management (as of June 30, 2014), Deutsche Asset & Wealth Management^1 is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
^1 Deutsche Asset & Wealth Management is the brand name of the Asset Management and Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.
L&L Holding Company
Manhattan-based L&L Holding Company, LLC is a privately-owned real estate investment company with a current portfolio exceeding 6 million square feet of office space primarily in Manhattan. Through joint ventures with select institutional partners, L&L’s strategy is to identify, acquire, and develop prime, but underperforming real estate for the purpose of maximizing its value. L&L provides a broad spectrum of services to its partners including acquisition, disposition, asset management, leasing, accounting, design, construction and financing. The company’s current portfolio includes many notable properties, including 425 Park Ave., 195 Broadway, 200 Fifth Ave., 150 Fifth Ave., 114 Fifth Avenue, Metropolitan Tower and 600 Third Avenue. For more information on L&L, visit their website www.ll-holding.com I-035768-1.1
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