J.P. Morgan asset management acquires majority ownership interest in L&L Holding/Beacon Capital's 195 Broadway

The owners of 195 Broadway -- L&L Holding Company, LLC and Beacon Capital Partners have arranged the recapitalization of the 29-story landmarked downtown property that once served as the New York headquarters of AT&T. Institutional investors advised by JP Morgan Asset Management have acquired a majority ownership interest in the distinctive property. Strategically located between Lower Manhattan's two major public transportation hubs, 195 Broadway is 100% leased to such prestigious tenants as Omnicom, one of the world's largest advertising agencies, HarperCollins Publishing, Inc. and Thomson Reuters Markets. An architectural masterpiece designed in 1916 by William Welles Bosworth, the building will soon be adding a distinctive retail component to its hallowed premises -15,000 s/f of lobby level stores and 20,000 square feet of retail space below grade as well as on a portion of the roof. "This transaction is yet another indication of the rising strength of the Downtown North market, specifically around the World Trade Center and new transportation infrastructure. We and Beacon are excited to move forward with our new partner in elevating this asset to even greater heights," stated Yong Cho, senior managing director of L&L Holding Company, LLC.