Newmark announces 41,400 square feet of office leasing at the recently revamped 1700 Broadway in Manhattan. The 627,747 square-foot, Class A asset was acquired by Rockpoint in 2018 and is managed by Rockpoint affiliate Rockhill Management, L.L.C. Rockhill has completed a comprehensive capital improvement program, featuring a best-in-class prebuild program, an award-winning tenant amenity space, and a recently completed lobby renovation, which has driven significant leasing activity at the property over the last two years. Newmark’s President of Tri-State, David Falk, Executive Vice Chairmen Brian Waterman and Peter Shimkin and Executive Managing Director Daniel Levine, represented ownership on the office lease transactions.
The property’s most recent office leasing transactions include Alton Aviation Consultancy, a boutique aviation consulting firm that signed for 4,900 square feet of space on the 22nd floor. M3 Partners, LP, a corporate advisory firm, took the entire 19th floor, spanning 13,000 square feet of space, and MiMO Studios extended for 2,000 square feet of space on the 21st floor. These three transactions add to the 21,500 square feet of office space signed at the asset since Q3 of 2021. In addition to the latest office tenants, Mezeh Mediterranean Grill signed a lease in the 1,400-square-foot, ground-floor retail space, with Cushman & Wakefield’s Steven Soutendijk, Kenji Ota, and Neil Seth representing Rockpoint.
“The transformation of 1700 Broadway, featuring a beautiful new lobby designed by Gensler and a fantastic amenity space, makes it a terrific choice for tenants seeking great floor plates and an abundance of natural light,” said Shimkin. “The improvements to the property have been a great success as leasing momentum continues.”
1700 Broadway is a classic Midtown Manhattan property that has undergone a multimillion-dollar modernization catering to progressive tenants, including tech, financial services, and legal users. Rockpoint hired architecture firms Fogarty Finger and BR Design Associates to reimagine the asset’s prebuild program to highlight Central Park and Hudson River views, generous slab-to-slab ceiling heights, and high-end reception and pantry areas. The revamped property offers multiple state-of-the-art prebuilt spaces for potential tenants, including units on floors 22, 31, 34, and 40. The property also features a Fogarty Finger-designed private amenity space for tenants named the 1700 Broadway Club. The 10,000 square foot club features a bar with a liquor license, quiet workstations, meeting rooms and event spaces and a 2,200-square-foot rooftop terrace on the 12th floor of the building. The lobby renovation, completed in December 2021 and led by Gensler, includes a modernized entry portal, terrazzo flooring, restored travertine walls, a new destination dispatch elevator system, and artwork by Robert Swain and Linling Lu.
According to Newmark Research, office availability and asking rents have improved across most Midtown submarkets in Q3 2021. The Midtown availability rate fell 30 basis points from last quarter, and leasing activity totaled 4.8 million square feet, reflecting the highest quarterly velocity since the first quarter of 2020.
1700 Broadway features a diversified tenant base, including Gensler, CBS, the Cardiovascular Research Foundation, Chaffetz Lindsey, LS Power, and Excel Sports Management. The property is located within three blocks of seven subway lines, offering easy access to all transit hubs, a full-service, 24-hour below-grade parking garage, convenient on-site retail options including Shake Shack, Starbucks and Pret a Manger, a landscaped plaza and open-air seating. It is also centrally located to luxury residential developments, world-class retailers and entertainment venues.