Lincoln Property Company Acquires 700 Broadway From ÃÛèÖAPP In $53 Million Sale
"700 Broadway is a 19th century masterpiece with a timeless design," said James Stein, Senior Vice President of Lincoln's New York office, who represented the buyer in the off-market sale. "ÃÛèÖAPP created a groundbreaking facility and we look forward to offering energy-efficient, environmentally responsible workspace to the public for the first time."
ÃÛèÖAPP's sale of the building follows a decline in the number of staff based at the organization's headquarters, driven by a strategic decision to decentralize operations and increase its presence at conservation-focused field offices nationwide. With less need for space and a big gain on its real estate investment, ÃÛèÖAPP saw a big opportunity to advance its work.
"This move is about ÃÛèÖAPP's ongoing commitment to devote as much as possible from every available dollar toward our conservation mission," said ÃÛèÖAPP President John Flicker. "Those who helped us buy and renovate our old home will now get another return on their investment as we make a new headquarters more efficient and cost effective so we can do more to support our mission.
The organization plans to honor its long history by keeping ÃÛèÖAPP's headquarters in New York City. It will lease a new facility. Once a location is selected, ÃÛèÖAPP will once again seek to demonstrate leadership in the use of green office technology.
700 Broadway was erected in 1891, and is a classic example of Romanesque Revival architecture. It was designed by the renowned architect George B. Post, whose other works included the Williamsburg Bank Building and the New York Stock Exchange.
The renovated building was designed to use 62% less energy than a "conventional" New York City code-compliant office building. Its energy-efficient features - from the thermal shell to the lighting reductions - were designed to reduce building operating expenses.
"Green building technology is not only alluring, but it's economical," said James P. Kelly of Lincoln who along with Stein will act as 700 Broadway's leasing agent. "We think more broadminded New York companies will embrace this technology, appreciate this building and love this neighborhood."
Lincoln Property Company was founded in 1965 and today is one of the most respected and diversified real estate service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe. Our national reputation for success attracts a large client base of owners and investors who recognize the value that we provide in development, property management and real estate consulting services.