Real Estate Weekly
Image default
Deals & Dealmakers

Sporting goods leader Modells opens Broadway headquarters

1430 Broadway

Modell’s Sporting Goods, a leading retailer of sports equipment and apparel, has signed a 26,607 s/f 11-year lease to relocate its New York headquarter offices from 498 Seventh Avenue to 1430 Broadway in the Garment District.

Arthur Spitalnick, associate broker with the Kaufman Leasing Company, represented the tenant while Ken Kronstadt and Rick Kramer of Newmark Knight Frank represented the landlord, GLS Associates LLC, in the transaction. Asking rent was $55 psf. The tenant is expected to take occupancy of the space in the spring of 2020.

“Modell’s needed a large, turnkey space from which to easily and fluidly deploy its corporate operations,” said Spitalnick. “This location at 1430 Broadway offers a compatible layout for a business of this scale. The property features a conference center, multiple buyers meeting rooms and direct escalator access from the lobby to the second floor providing the Modell’s team with ample room and flexibility.”

ARTHUR SPITALNICK

Founded in Manhattan in 1889, Modell’s is one of the largest sporting goods and apparel retailers in the U.S. The family-run company, the third-oldest sporting goods retailer in North America, operates 152 stores across the Northeastern U.S. Modell’s licenses apparel for NFL, NBA, MLB and NHL teams.

“We have been proud to call New York City our corporate home for over 130 years and remain committed to keeping our headquarters and growing our team here,” said Mitchell Modell, president and CEO of Modell’s.

“This high-quality and optimal space at 1430 Broadway will provide our firm with fresh energy and creativity to continue advancing Modell’s as one of the top sports goods retailers in the nation.”

Built in 1955, 1430 Broadway is a 22-story office building located in the Garment District. The building features a lobby attendant, freight elevator and 24/7 access.

(Visited 1 times, 5 visits today)

Related posts

TRANSACTIONS: GCP Capital Group arranges $66,450,000 of financing

REW

SELLING POINTS: Aspen, Devli scoop up Mack-Cali office

REW

Family sells Chelsea gallery building

REW