CBRE Group, Inc. announced that the company has been named exclusive leasing agent for 1407 Broadway, a 1,114,695 s/f office tower in Midtown Manhattan.
The building is owned by The Lightstone Group in partnership with Lightstone Value Plus REIT, Inc. CBRE’s Peter Turchin, executive vice president, will lead the leasing team that includes Amanda Bokman, senior vice president; Gregg Rothkin, senior vice president; Ben Fastenberg, senior associate; Ross Zimbalist, senior associate; and Lee Cross, senior financial analyst.
“We are excited to be working with The Lightstone Group in re-positioning this property, which has been flying under the radar for some time,” said Turchin, whose goal is to turn 1407 Broadway into the top commercial building in the area.
“The Lightstone Group has conducted an architectural competition to completely redesign and upgrade the building from the retail to the lobby, elevator cabs and mechanical systems.”
1407’s facelift includes new retail fronts and a canopied entryway .
The creative and tech industries have been the driving force behind the recent leasing velocity in New York City, mainly concentrated around Midtown South’s Union Square and Chelsea submarkets. With increased demand, there is a shortage of available space in these submarkets and rents have skyrocketed.
“There has been strong demand from creative and tech tenants in buildings surrounding 1407,” said Fastenberg, noting recent deals done by IAC and Yahoo!.
Built in the 1950s, 1407 Broadway’s floors are suited to the demands of today’s modern day creative users, explained Fastenberg. “The floors are open with clean slabs and have an incredible line of sight. We’re lucky to be working with a building with such great bones.” The upcoming pre-built program was carefully planned to upgrade the floors cosmetically, maintaining an open loft that creative and tech companies prefer. “We expect 1407 to be a magnet for up-and-coming as well as established creative and tech companies,” he added.
Bokman, who specializes in finding locations for major apparel companies, believes there will be strong interestfrom larger fashion industry tenants, too, given the building’s location, large floor plates, efficient side core,window line and elevator infrastructure.
“As major New York fashion companies have grown, they are seeking upscale, contemporary and well-built space to complement their corporate image, as well as to accommodate their future growth. They do not have many options.”
Boasting a Broadway and Seventh Avenue presence, 1407 Broadway offers full floors of 40,000 rentable sq. ft. in the base and light and panoramic views in the tower. “1407 Broadway is one stop shopping for the fashion industry and should be a magnet for today’s fashion houses,” said Bokman.
The area just south of Times Square and east of the Garment District was once a gritty crossroads between Grand Central and the West Side, but the revitalization of Bryant Park and the creation of the Broadway Pedestrian Zone have brought tourists and New Yorkers alike to the area.
“Tenants are attracted to this area because it marries the accessibility of Times Square’s subway lines with the hip outdoorsy vibe of Bryant Park,” said Rothkin.
Located between 38th and 39th streets, 1407 Broadway is steps from Bryant Park and all major transportation hubs in Midtown. “This area is buzzing with cultural activity thanks to amenities such as Bryant Park and the Andaz Hotel. The retail is evolving to cater to a chicer base of consumers in this area and 1407 is in the middle of it all,” added Rothkin.
A few companies have already leased space at the building. Galaxy Brands Holdings signed a lease for 10,900 s/f on the 38th floor, and in August Gogotech II inked a deal for 13,701 s/f on the 7th floor.