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$2.5B TSX Broadway Fully Capitalized Ahead of Groundbreaking
Ahead of a planned January 2019 groundbreaking, L&L Holding Company, Maefield Development and Fortress Investment Group’s TSX Broadway is fully capitalized.
UBS led a $780-million equity round for the project, bringing the total equity in the 46-story, $2.5-billion tower—said to be the nation’s only full-building branding platform—to more than $1 billion. Goldman Sachs provided a $1.125-billion construction loan.
“Our goal with TSX Broadway is to provide brands an unprecedented canvas for innovation in the heart of Times Square,” said David Levinson, L&L Holding’s chairman and CEO. “Our investors share our vision for leveraging Times Square’s unique value as the predominant global destination of retail and engagement.”
The existing structure at 1568 Broadway will be demolished and replaced with a 46-story tower that can be illuminated as a “branding beacon” via a full-building lighting system. There will also be 75,000 square feet of ground-floor retail.
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