JLL announced that Metropolis Group Inc. has subleased 12,700-square-feet of office space at 120 Broadway, the landmarked 40-story Financial District office building owned by Silverstein Properties.
Metropolis Group, a leading New York City building permit expeditor, was represented by JLL managing director Michael Berman. The sublessor, not-for-profit home health organization, Village Care, was represented by Cushman & Wakefield executive managing director David Lebenstein, and executive director Frank Centro. Metropolis signed a six-year deal to relocate from 22 Cortland to the 27th floor space at 120 Broadway.
The sublease comes as flight-to-quality continues to drive the trend in office relocation vs. renewal. According to JLL, since the start of the pandemic, more than 95% of US relocation leases have been executed within an upgraded building class or at the same level. The trend has propelled rent growth at the top end of the market, with starting rents for relocation leases averaging 7.2% higher than renewals across all markets.
Metropolis has occupied a 17,250-square-feet full floor at 22 Cortland Street since 2006. It will relocate to 120 Broadway later this year. CEO Frank Fortino commented, “We are thrilled to be making the move to 120 Broadway and excited to be joining the list of distinguished tenants in this iconic building. Our new space will provide a modern and welcoming environment for our employees and clients, and aligns with our commitment to continuous improvement and growth.”
120 Broadway spans a full city block in the heart of the Financial District, steps from transit hubs at The Oculus and Fulton Center. Silverstein Properties recently completed a comprehensive $52 million restoration of the two-million-square-foot, landmarked, 40-story office building that featured the 20,000-square-foot Bankers Club with its rooftop terrace, lounge, café and food hall.
Other amenities include bike storage with locker rooms and showers, new elevator cab finishes, new security turnstiles, a fully refurbished arched-glass entryway and vaulted lobby with marble walls and floors. The building’s redeveloped ground floor retail includes the Capital Grille and luxury Italian sneaker brand, Golden Goose. Notable office tenants include the City of New York, Macmillan Holdings, Thornton Tomasetti and the non-profit Brennan Center for Justice.
“Like many office tenants in today’s market, Metropolis Group has chosen to relocate to space that provides their employees with best-in-class amenities and services,” said Berman. “As bifurcation in the market becomes entrenched, JLL has a holistic approach to helping clients optimize their workspace while aligning with employee preferences. We are delighted to have helped Metropolis Group with an occupancy plan that continues to help the company meet its strategic plans and business objectives.”
