Jerusalem Venture Partners, an Israeli venture capital firm, has signed a long term 26,400 s/f lease at 462 Broadway, a landmark 165,000 s/f office and retail building in SoHo.
Terms of the lease, which was announced by co-owner Meringoff Properties, were not disclosed.
The transaction followed The New York Economic Development Corp’s early October selection of JVP as a partner in establishing New York City as a global cybersecurity center.
JVP will focus on the development of cybersecurity, artificial intelligence and big data technologies to serve the needs of financial services, media, healthcare and other industries. Partners will also include Columbia University, New York University and Cornell, as well as other venture capitalists and strategic partners not yet named.
JVP’s new space at 462 Broadway includes the entire second and third floors in the south portion of the building as well as a portion of the building’s ground floor on Grand Street.
Meringoff Properties’ president & CEO Jason Vacker commented, “We made a commitment to the highest quality restoration of this property, and now it’s paying dividends. With the second and third floors now leased to a world-renowned blue-chip firm, we are concentrating on our prime available retail spaces in what is undeniably one of the world’s greatest retail locations.”
The historic cast-iron building, which has been owned by Stephen Meringoff and Jay Shidler since 1981 and is managed by Meringoff Properties, was recently restored.
Earlier this month, the Institute of Classical Architectural & Art presented the 2018 Stanford White Award for Historic Preservation to PBDW Architects for its superior work on the project.
The entire six floor façade spanning 300 ft/ of street frontage has been restored and two Grand Street retail corners are now available for lease for the first time in over 20 years, along with the sublevel.