Shorenstein Properties has launched a $30 million renovation at 1407 Broadway, the 1.1 million square foot tower it bought for $330 million in the spring.
Shorenstein acquired the 1407 Broadway ground lease from Abraham Kamber Associates and the sublease from Lightstone in April 2015.
In a press release, the company said the capital improvement program “will enhance 1407 Broadway’s position as a dynamic office and retail location for both fashion and TAMI tenants.ˮ
New York architecture firm Fogarty Finger will lead the renovation, which will include a new lobby and building entrance, façade improvements, elevator cab upgrades, and updated retail storefronts.
Shorenstein has retained CBRE as the exclusive office space leasing agent and contracted SRS Real Estate Partners to lead all retail brokerage.
Kevin Kuzemchak, senior vice president, Asset Management at Shorenstein, said, “Shorenstein has a successful track record of repositioning properties across the country into top tenant destinations in their respective markets. We are confident that our enhancement plan will solidify 1407 Broadway as a premier property in the Times Square South market.”
Shorenstein plans to offer mid-to-large blocks of space at the base of the building – consolidating floors of 42,000 s/f – to provide enhanced growth and flexibility for new tenants.
“We are thrilled to continue to serve as agents for 1407 Broadway,” said Peter Turchin, vice chairman at CBRE.
“We are confident that the building’s loft-like feel, incredible sightlines, and ‘refreshed’ mid-century, Modern style will continue to attract tenants seeking quality space and an address in the heart of Manhattan.”
Located between 38th and 39th streets, near Bryant Park, Times Square, Penn Station, Herald Square, and the Port Authority, 1407 Broadway features 33,000 s/f of retail.