Ivanhoé Cambridge and Callahan Capital Properties, along with their partner, The Swig Company, announced that the final phase of a $60 million capital improvement plan for 1411 Broadway is underway.
The ownership has commenced a full window replacement program to enhance tenant comfort, energy efficiency and overall aesthetics.
Completed phases of the repositioning effort include a lobby renovation with new glass curtain wall, new plazas and landscaping along Broadway and 7thAvenue, renovated elevator cabs, a new retail storefront along Broadway and 40th Street, and numerous infrastructure upgrades.
Some 240,000 s/f in leasing deals have been closed since renovations got underway at 1411 Broadway, bringing the building from 87.5 percent occupied at that time to over 97 percent leased today. New tenants to 1411 Broadway represent a broad array of industries that diversify the tenant base beyond fashion to include financial services and advisory, consulting and media companies.
Starbucks will open a new and unique store design at the northeast corner of the building along Broadway and 40th Street. The coffee giant is creating a café space with a unique bar layout, and plans to open in May 2017.
“While 1411 has always enjoyed premier status in the Garment District/Bryant Park submarket, through our capital plan we’ve been successful in attracting a broader array of tenants due to the substantial building enhancements, the spectacular views, the ever-increasing vibrancy of the neighborhood and the building’s central location steps away from Bryant Park,” said Michael W. McMahon, Senior Vice President of Asset Management in the eastern region for Callahan Capital Properties.
Jonathan Pearce, Senior Vice President, Leasing, Office North America, Ivanhoé Cambridge, noted “We are delighted with the success of 1411 Broadway’s repositioning efforts, which has truly made this building a preferred place to work. Our new tenants, from a diverse array of industries, are a testament to this.”