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Deals & Dealmakers

Engineering firm Hardesty & Hanover signs new lease at the Paramount Building

Avison Young  announced that Hardesty & Hanover, a full-service infrastructure engineering firm, has signed a new long-term lease for 35,000 s/f on the sixth floor of The Paramount Building.

The 800,000 s/f office building is located at 1501 Broadway, between 43rd and 44th streets, in Manhattan. Hardesty & Hanover has been a tenant of the building for over 20 years.

The Avison Young team of Principal and Tri-State President Arthur J. Mirante, II, Principal Michael Gottlieb, Director David Cohen, and Associate Thomas Hines represented the building’s ownership, while Richard Bernstein, Executive Vice Chairman of Cushman & Wakefield and Eric Thomas, Principal and Senior Vice President of Cresa represented Hardesty & Hanover.

“After being a long-term tenant of The Paramount Building for more than 20 years, Hardesty & Hanover chose to consolidate their multiple spaces and relocate all of their operations to a phenomenal space on the building’s sixth floor, which will serve as the company’s headquarters,” Mirante said. “Having a long-term tenant decide to remain at 1501 Broadway over myriad other options is a reflection of the building’s allure, and ownership’s commitment to servicing tenants and improving the building.”

Other current tenants of The Paramount Building include Tremor Video, Nederlander Organization, Second Stage Theatre, and American Federation of Musicians.

The building has nearly completed a $50 million major capital improvement program that includes the replacement of all windows and elevators, and upgrades to the common corridors and bathrooms.

Mirante said. “In today’s ultra-competitive New York City office market, it is the buildings that are undergoing constant upgrades that will ultimately succeed.”

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