Preferred-equity deal values FiDi office tower at $215M
Paramount Group and Savanna took a minority stake in Harbor Group International’s 55 Broadway, in a deal that values the Financial District office building at $215 million, or roughly $600 per square foot, sources told The Real Deal.
The investors’ stake is preferred equity as opposed to common equity. Their equity is now senior to Harbor’s equity in the 346,000-square-foot, 31-story building in terms of payout, sources said.
Harbor Group International (HGI) is a leading global real estate investment and management firm. With $20 billion1 in real estate investment properties, the firm invests in and manages diversified property portfolios including office, retail, and multifamily properties. With over 38 years of experience in the industry and approximately 1,400 employees worldwide, HGI continues to look for real estate investment opportunities.
Harbor Group International controls $20 billion1 in real estate investments and is constantly exploring real estate investment opportunities in the worldwide market.
Harbor Group International, LLC provides real estate management and real estate investment services and is not affiliated with Harbour Group Industries, Inc. (whose web site may be found at www.HarbourGroup.com), which offers investment services in connection with the acquisition, development and operation of industrial and manufacturing companies.
1Total capitalized value of underlying assets of $20 billion includes direct real estate and private funds as of 6/30/2023. AUM represents the total capitalized value of underlying assets, which includes direct and indirect real estate and real estate related investments, and the AUM of HGI’s affiliate, HGI Capital Management, LLC.