At a glance
- The contract price is $30 million above the $140 million the two firms paid in 2018.
- For limited partners in Rockwood's vehicles, the contract is a gross mark to compare with their own statements: a 21% increase over roughly eight years, or about 2.4% a year.
- Fiserv has largely funded the tenant fit-out, investing $67 million with another $30 million budgeted for the remaining build-out, according to an offering memorandum viewed by Commercial Observer.
Takenaka Corporation is under contract to buy 1 Broadway in New York for $170 million from Rockwood Capital and Midtown Equities, Commercial Observer reported, citing sources familiar with the transaction.
The contract price is $30 million above the $140 million the two firms paid in 2018. Across 230,000 square feet, that is about $740 a square foot.
For limited partners in Rockwood's vehicles, the contract is a gross mark to compare with their own statements: a 21% increase over roughly eight years, or about 2.4% a year.
Fiserv has largely funded the tenant fit-out, investing $67 million with another $30 million budgeted for the remaining build-out, according to an offering memorandum viewed by Commercial Observer. The buyer inherits fitted-out space without having paid for the work.
The 12-story building is fully leased to Fiserv on about 92% of the space, with Citibank in the retail component. Built in 1884, it once housed J.P. Morgan's International Mercantile Marine Company, is listed on the National Register of Historic Places and was gut-renovated in 2020.
One Broadway sold at a 21% mark over eight years
Paid in 2018
$140M
Contract now
$170M
A $30M gain over roughly eight years: about 21% in total, or 2.4% a year.
Takenaka's prior US deals
One source described Takenaka, led by Toichi Takenaka, as a collector of unique trophy properties in the U.S., Commercial Observer reported. The firm bought the Grand Hyatt Kauai in Hawaii in the 1990s, owns the Hyatt Andaz Fifth Avenue in New York, formed a joint venture with Kennedy Wilson in 2016 to buy the office tower at 400 California Street in San Francisco, and in 2017 bought Seattle's Tilt 49 office building, fully leased to Amazon. Newmark's Marcella Fasulo, Adam Spies, Willis Robbins, Adam Doneger and Josh King negotiated the sale.
Rockwood and Midtown Equities listed the building around this time last year, The Real Deal reported. Rockwood integrated its operations into Harrison Street Asset Management in that same month. The seller entity on this contract is Rockwood, sources said.
Reported by the Deals desk from Commercial Observer, The Real Deal and Reported deal terms, 1 Broadway. Published . Updated Oct 29, 2026 · 11:40 a.m. ET. Corrections