In its third office-space growth spurt in 24 months, the retailer Macy’s has signed a 31,700 s/f lease expansion to occupy the entire tenth floor of 1440 Broadway, Monday Properties announced on Monday.
The transaction also extends Macy’s current lease of 166,000 square feet on floors six through nine and 13, bringing the parade- and fireworks-hosting retailer’s total footprint in the building to over 197,000 square feet.
In a four-party transaction, Macy’s will expand into space originally leased to Advance Magazine Publishers, the parent company of Condé Nast, and subleased to the law firm of Skadden Arps since 2006.
Recently, the law firm had been marketing the 10th floor space for sub-sublease, according to Monday Properties, which recaptured the entire 10th floor from Skadden Arps and Advance Magazine Publishers in conjunction with the direct expansion and long-term lease renewal with Macy’s.
Scott Gottlieb and Michael Laginestra, each vice chairman of CBRE, represented Macy’s in the transaction.
Skadden Arps was represented by David Goldstein of Studley in the 10th floor buyout negotiations, while Advance Magazine Publishers handled negotiations in house. Jordan Berger of Monday Properties represented the landlord.
Macy’s is the largest retail brand of Macy’s, Inc., with more than 800 locations throughout the United States, Puerto Rico and Guam.
Macy’s is also known for events such as the Macy’s 4th of July Fireworks and the Macy’sThanksgiving Day Parade. “Monday Properties developed a growth path for Macy’s in a contiguous block for their long term expansion.
The result was simple but it relied on creativity and collaboration with the Macy’s team to convert separate components into an efficient space solution,” Brian Robin, EVP and COO of Monday Properties, said in a statement.
Monday Properties is also actively marketing the entire 33,577 s/f second floor of the 743,000 s/f, 25-story office building.