Allied Partners and Brickman & Associates continue to lease and manage the historic property
(New York, NY) – July 27, 2016 – Allied Partners and Brickman & Associates announced today that they have sold a minority interest in the Brill Building to Brill Holdings. The deal values the building at $310 million. Allied Partners and Brickman & Associates will retain majority ownership of the building and continue to control leasing and management of the property. The historic, 175,000 square-foot building at 1619 Broadway, continues to see a high-level of leasing interest. The Brickman/Allied team is actively negotiating with a variety of potential retail and office tenants and no space has been committed to any specific tenant at this time.
“This deal presented an excellent opportunity for our new partners to participate in this historic investment opportunity while allowing the current ownership group to complete the business plan,” said Eric Hadar, Chairman of Allied Partners. “With significant leasing interest from a multitude of tenants, the future of the Brill is incredibly bright and we are happy to retain this jewel in our portfolio.”
Allied and Brickman purchased the building in 2013 for $185.5 million. The history and prominence of the Brill building is extremely unique, especially given the visibility of the building from both Times Square and travelling southbound on Broadway. It features nine LED signs and two large rooftop signs that the Allied/Brickman team obtained approval for from the Landmarks Preservation Commission. These highlights, coupled with the relocation of the lobby from Broadway to 49th street substantially enhance the value and continuity of the retail space along Broadway.
Brill Holdings, the new minority shareholder, is a partnership of Schottenstein Property Group, B+B Capital, Fox-Wizel and Conway Capital. The ownership was represented by JLL in this transaction.