1328 Broadway Two Herald Square

RFR acquired this Herald Square property in a creative acquisition involving the purchase of partnership interests in the entity that owned the property. Following acquisition, RFR successfully completed a major leasing campaign and replaced non-credit tenants with quality firms like Publicis, H&M and The Limited. RFR completely refurbished the physical plant to reposition the asset and support the leasing program. Having improved net operating income from $4 million to $16 million in two years, RFR sold the asset into strong market in early 2007, achieving compelling investment returns.