T
aconic Partners is putting its 817 Broadway office tower on the market for sale or recapitalization. The property, located just south of Union Square, boasts a strong occupancy rate of 92%. As interest in New York City's office properties slowly gains momentum, Taconic may be testing the market with this highly sought-after building.

    The property has attracted notable tenants such as Inspired Capital and SDC Capital Partners. A $40 million capital program was recently completed, modernizing the lobby and rooftop amenity space which offers breathtaking 360-degree views of the city. Newmark's Adam Spies and Doug Harmon are marketing the property.

    Taconic acquired the building in 2016 with TH Real Estate and Squire Investments for $109 million. In 2021, they secured a $125 million refinancing from Ares Commercial Real Estate and Criterion Real Estate Capital. The historic office building was designed by George B. Post in 1895 and originally served as the Sprague Building for Meyer Jonasson & Company.

    Taconic's decision to put the property on the market comes after they sold office condos at Essex Crossing in December for $221.6 million, indicating a potential shift towards selling mode.