Takenaka Corporation Purchases 1 Broadway Building

The landmark Manhattan office building sold for $170 million after being listed earlier this year.

Updated on Oct. 27, 2026 in Commercial

A low-angle close-up view of intricate masonry and stone architectural details on a historic building facade in Manhattan. — Takenaka Corporation has acquired the historic 1 Broadway office building in Manhattan for $170 million, marking a notable real estate transition. AI Illustration. Upload story photo >

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Takenaka Corporation has signed a contract to acquire the office building at 1 Broadway for $170 million. The historic property is currently leased primarily to Fiserv and occupies a prominent location in New York City.

Why it matters

The sale reflects significant capital appreciation for the property, which was purchased by its previous owners for $140 million in 2018. The acquisition marks a major transition for the asset following a comprehensive renovation in 2020.

The 12-story building at 1 Broadway encompasses 230,000 square feet of office space, 92 percent of which is leased to Fiserv. Fiserv has invested $67 million into its space with an additional $30 million planned for further improvements.

The players

Takenaka Corporation

This organization is a major construction and engineering firm that has expanded its reach into the New York City commercial real estate market.

Fiserv

Fiserv is a global financial services technology company that maintains a massive presence at the 1 Broadway office site.

Citibank

Citibank is a prominent multinational financial institution that currently occupies the retail space at the base of the building.

Newmark

Newmark is a global commercial real estate advisory firm that acted as the broker for this high-profile property transaction.

The details

Newmark brokers negotiated the deal for the site, which also houses a Citibank retail component. Built in 1884, the structure underwent a gut-renovation in 2020 to modernize its facilities.

The building was originally constructed in 1884.
Rockwood and Midtown Equities acquired the property for $140 million in 2018.
A full gut-renovation of the building was completed in 2020.
The owners listed the property for sale in 2025.
Takenaka Corporation signed the purchase contract in October 2026.

Culture Shift

The sale follows the 2020 commercial building gut-renovation trend, which updated aging historic assets to meet modern corporate standards. This property highlights the sustained investor appetite for premium office spaces in prime Manhattan locations.

The change in ownership is unlikely to disrupt daily operations for Fiserv or Citibank employees working at 1 Broadway. Local businesses in the area may see continued economic activity supported by the ongoing $30 million office build-out project.

The takeaway

The $170 million sale underscores the market value placed on modernized historic office assets in New York City. Investors continue to prioritize properties that have undergone significant recent capital improvements.