New York REIT, Inc., a publicly traded real estate investment trust, announced Monday that it has completed a 10-year office lease totaling approximately 34,000 square feet with prominent global retailer The Gap, Inc. at 1440 Broadway.
1440 Broadway is a 25-story building located between 40th and 41st Street in the Times Square market in Midtown Manhattan that totals approximately 749,000 rentable square feet.
“We are very pleased to welcome a new office tenant with strong retail brand recognition like The Gap, Inc. at 1440 Broadway,” said Michael Happel, Chief Executive Officer of NYRT. “This lease will increase occupancy at the building from 92.1 percent to 96.7 percent and demonstrates continued strong demand from tenants for space in the Times Square marketplace.”
David Falk, Eric Cagner and Jason Greenstein of Newmark Grubb Knight Frank represented the landlord in the deal, according to the New York Observer.
Current building tenants include Razorfish, Advance Finance Group, Fifth & Pacific and Mizuho Capital Markets. CVS recently signed a lease for 22,000 s/f at the building in April. New York REIT and parent company American Realty Capital acquired the office building from Rockpoint Group and Monday Properties for $529 million in 2013.