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NEW YORK, July 9, 2020 – PGIM Real Estate has arranged $100 million 15-year refinancing for 52 Broadway, a 19-story, 426,000-square-foot office tower located in Manhattan’s Financial District. The loan was secured by a partnership between Jack Resnick & Sons and Ruben Companies. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
Situated at the corner of Broadway and Exchange Place, 52 Broadway is net leased on a long-term basis to the United Federation of Teachers (UFT). The property, along with the adjacent building at 50 Broadway, serves as UFT’s headquarters. It features a 1,000-person auditorium and 35 parking spaces in a below-grade garage. 52 Broadway comprises the entire blockfront of Exchange Place between Broadway and New Street and is located less than two blocks from the New York Stock Exchange.
“We were glad to be able to accommodate a long-term client by providing replacement financing for its maturing CMBS loan, while navigating the many complexities associated with arranging financing in this challenging environment,” said Tom Goodsite, PGIM Real Estate’s managing director, who led the transaction on the company’s behalf.
Goodsite added, “We were able to lock in a rate in mid-April—about a month after receiving the initial request—and had the property inspected and toured after the rate-lock. The strength of our relationship with the borrower and the strength of the asset itself allowed us to move forward with the transaction at that time, despite the uncertain climate and while in the midst of New York City’s lockdown.”
The borrower was represented by its longtime mortgage broker, The Singer & Bassuk Organization (SBO). SBO has arranged the financing of this property three times since 2002 and has arranged well in excess of $1 billion of financing for Jack Resnick & Sons in recent years.
About PGIM Real Estate
As one of the largest real estate managers in the world with $179.4 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 31 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM and Prudential Financial, Inc.
PGIM, the global asset management business of Prudential Financial, Inc., “PFI” (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.3 trillion in assets under management as of March 31, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
PFI’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PFI, please visit news.prudential.com.
PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
1 As of March 31, 2020, net AUM is $118.7 billion and AUA is $37.9 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
3 Pensions & Investments Top Money Managers list, June 1, 2020; based on Prudential Financial, Inc. (PFI) total worldwide assets under management as of March 31, 2020.
For Professional Investors only. All investments involve risk, including the possible loss of capital.
PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, Pramerica, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.