Avison Young announced the completion of a long-term, 18,700 s/f lease with the Nederlander Organization on behalf of Paramount Leasehold, L.P. at The Paramount Building at 1501 Broadway.
Nederlander Organization, an owner and operator of theatres throughout the U.S. and London, is relocating from 1450 Broadway and is expected to take occupancy of its new space in the summer.
The organization, which will occupy the building’s entire 14th floor, is a fitting addition to a commercial tower that had, for many years, housed The Paramount Theater and continues to house many other theater industry tenants today.
The Avison Young team, led by Tri-State President Arthur J. Mirante, II and principal Michael Gottlieb, along with senior associate David Cohen and associate Thomas Hines, represented ownership.
Avison Young serves as the exclusive office leasing agent for The Paramount Building, which is currently undergoing a more than $50 million capital program that includes renovations to the lobby, elevators and common areas.
The Nederlander Organization was represented in its lease by the Newmark Grubb Knight Frank team of vice chairman Brian Waterman, executive managing director Lance Korman and senior managing director Brent Ozarowski.
“This lease is significant validation of our strategy to reinvest in The Paramount Building to create a more modern, enhanced business environment that appeals to the requirements of high-caliber tenants,” said William Farber of Paramount Leasehold, L.P. “We are thrilled to welcome the Nederlander Organization to The Paramount Building, and are confident that the improvements we are making to this iconic tower will serve the organization well as it continues its proud legacy.”
