Wells REIT buys New York high-rise

Wells Real Estate Investment Trust acquired 60 Broad Street in downtown New York City.

The value of the transaction was not disclosed.

60 Broad Street is a 39-story, class A office building with approximately 990,000 square feet of rentable space located at the corner of Broad and Beaver Streets.

The building was 97 percent leased at the time of sale. Some of the building tenants include The State of New York (453,000 square feet) and The City of New York (270,000 square feet).

A partnership between New York-based Cogswell Realty Group LLC and two funds managed by Lend Lease Real Estate Investments sold the property. Cogswell retains an economic interest in the building, as well as the leasing and management function.

Wells Real Estate Funds is an Atlanta-based national real estate investment management firm that purchases existing Class-A office and industrial properties.

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