STRATEGIES
Office
BSD has a long track record of acquiring, repositioning, and operating office properties across New York City’s most dynamic submarkets. With over 2.4 million square feet acquired, the firm has successfully executed strategies ranging from capital improvements and lobby upgrades to full building repositioning and adaptive reuse conversions. BSD’s tenant-focused approach and hands-on asset management drive leasing velocity, tenant retention, and long-term value creation.
The firm targets well-located office assets with repositioning or redevelopment potential, capitalizing on opportunities to enhance building performance and tenant experience. Whether modernizing Midtown towers like 370 Lexington or executing large-scale downtown repositioning at 55 Broadway and 61 Broadway, BSD consistently delivers competitive, efficient workplaces that align with evolving tenant demands. This proven expertise positions BSD as a trusted operator and partner in navigating the future of New York’s office market.
CASE STUDIES
370 Lexington
Broad Street Development repositioned this 27-story Midtown East office tower into a highly efficient, tenant-friendly workplace. Through targeted lobby and building system upgrades, leasing velocity accelerated with a mix of financial services, law firms, and creative users. The asset has remained resilient in a changing Midtown office market by offering competitive pricing and flexible layouts.
55 Broadway
Broad Street Development acquired 55 Broadway (One Exchange Plaza) for $82 million, recognizing the opportunity to reposition the property in the heart of the Financial District. Leveraging a forward-thinking leasing strategy tailored to the evolving tenant landscape prior to the 2008 financial crisis, BSD implemented a comprehensive value-enhancement plan. This included significant capital improvements, the delivery of newly constructed pre-built office suites, and a highly targeted marketing campaign.
As a result, occupancy at the building increased from 80% at acquisition to 95% stabilized, establishing the asset as a premier office destination. BSD also transformed the ground floor into an 11,000 SF retail jewel box with prominent Broadway frontage, further enhancing the property’s revenue profile.
The execution culminated in the sale of the property for $157 million, delivering a 2.43x equity multiple to investors and underscoring BSD’s ability to create outsized value through strategic repositioning.
61 Broadway
Broad Street Development acquired 61 Broadway in September 2004 for $130 million, recognizing an opportunity to unlock significant value in a well-located Financial District asset that was 84% occupied at acquisition.
BSD implemented a comprehensive capital improvement program, including lobby modernization, elevator upgrades, and base building refurbishments, alongside a targeted leasing strategy designed to strengthen tenant quality and boost occupancy. Despite the challenges of the Global Financial Crisis, BSD further enhanced the property’s profile by repositioning the ground-floor space on Trinity Place into prime retail, securing the Trinity Place Department Store as a long-term anchor tenant in 2011.
By 2014, occupancy had reached 97%, and BSD had successfully grown the property’s NOI by $6 million during the hold period. The asset was sold for $330 million, delivering a 25% IRR and an impressive 6.5x equity multiple to investors—underscoring BSD’s ability to transform underperforming assets into premier institutional investments.
Broad Street Development converted 80 Broad Street from office to residential, delivering a modern rental offering in the heart of the Financial District. The project successfully navigated the complexities of adaptive reuse, creating a product that resonated with young professionals. By leveraging the property’s location and reimagining its interiors, the asset became a model for FiDi conversions.