JEMB Realty Corporation (JEMB) announced that, after recent capital improvements and an offering of pre-built spaces, they’ve signed a 10-year, 9,215 s/f lease with Leav & Steinberg at 75 Broad in the Financial District.
Michael Leff, principal, and James Lizmi, associate, both of Avison Young, represented Leav & Steinberg in the transaction. JEMB was represented by Hal Stein and Todd Stracci of Newmark Grubb Knight Frank.
“After a comprehensive search to find new space for Leav & Steinberg, we were thrilled to see how quickly this transaction came together,” said Leff.
“Leav & Steinberg has called Lower Manhattan home for years, previously at 140 Broadway, and it was important for them to remain there. 75 Broad Street’s new pre-built units and stunning finishes, match our client’s high energy and image as a firm.”
JEMB repositioned the 650,000 s/f 75 Broad by completing lobby and common corridor enhancements, finished high-end pre-built spaces and bathroom upgrades. The tower, constructed in 1928, features 12 ft. high ceilings, exposed steel columns, polished concrete floors, modern open kitchens, and upscale finishes.
Additionally, floor plates range from 4,400 to 30,000 s/f, from the top floor down, and are easily divisible.
“Our strategy and result for 75 Broad is a superb example of our capabilities in enhancing a property’s value,” said Jacob Jerome, principal of JEMB.
“Leav & Steinberg was immediately attracted to the new pre-built spaces and what we have done to the historic pre-war tower, which exemplifies our goal of capturing a diverse group of companies — not just those in the TAMI sector. We look forward to the continued welcoming of many next generation businesses.”
JEMB strategized to re-tenant the building and adjust to the needs of prospective tenants by incorporating modern amenities, including a conference center, 24/7 lobby-attended security, and a state-of–the-art security system.
JEMB also completed a $15 million post-Sandy improvement program including new and relocated electrical switch gear, a new fuel system and state-of-the-art flood gates years ago.
The 34-story tower was one of the original office towers erected in FiDi and once served as the former headquarters of the now-named ITT Corporation.
The building’s telecommunication installations rank among the most sophisticated, with energy capacity surpassing industry norms and standards.
Newmark Grubb Knight Frank’s Hal Stein, Eric Cagner and Todd Stracci are marketing the pre-built spaces.