Firm Highlight: 125 Broad Street Purchase
S&C’s Commercial Real Estate Group leads the 125 Broad Street purchase.
In May 2016, Sullivan & Cromwell reinforced its commitment to its downtown Manhattan home. The Firm acquired the lower portion of its 125 Broad Street headquarters in New York City that it did not already own for $202 million from Mack-Cali Realty Corp.
Chairman Joseph C. Shenker together with other members of the Firm’s Commercial Real Estate Group led the effort, bringing the Firm full circle. In 1994, Mr. Shenker negotiated the original purchase of 40 percent of 125 Broad Street and in subsequent transactions negotiated the purchases of an additional 17.5% of the building. The 2016 purchase gives S&C nearly full ownership of 125 Broad Street, adding 16 floors and 560,000 square feet of space to the 760,000 square feet it previously owned in the building’s top 20 floors.
Ownership of 125 Broad Street makes S&C the only AmLaw 100 firm to own its own offices, and one of Wall Street’s more prominent landlords.