JEMB Realty announced nearly 75,000 s/f in new leasing activity at 75 Broad Street, bringing the Downtown landmark to over 90 percent occupancy.
Morris Jerome, principal of JEMB Realty, said, “Tenants searching the revitalized Downtown Manhattan market, especially so-called TAMI tenants in the growing technology, advertising, media and information industries, are drawn to 75 Broad Street for its beautiful pre-war architecture, unparalleled connectivity and back-up power capacity.
“Both corporate and creative clients benefit from a completely modernized pre-war building in a great Downtown location, combined with owner flexibility and accommodating build-out options at this unique and irreplaceable asset.”
Built in 1927 as the headquarters of ITT Corp., one of the first international telephone and telegraph giants, 75 Broad Street has flexible floor plates, top-tier amenities, 24-hour security, proximity to shopping and transportation and an in-house management team.
JEMB Realty acquired the 33-story tower in 2000 and immediately initiated a capital improvement program, transforming the property into an office destination for a variety of users.
An additional $10 million renovation is currently underway at the property to upgrade flood walls and improve fuel feeders for the property’s back-up generators in the aftermath of Hurricane Sandy.
Among new tenants, Human Rights First, an independent advocacy and action organization, took two full floors totaling nearly 18,000 s/f. Carri Lyon, Robert Lowe and Kevin Daly of Cushman & Wakefield represented the tenant in the lease.
StellaService, a provider of customer service performance data and analytics for online retailers, expanded by 10,000 s/f in an expansion and renewal with JEMB. Patrice Meagher of CBRE represented the tenant in the deal.
“The prime Lower Manhattan location, attractive lobby and modern amenities are what attract and retain top corporate and commercial users at 75 Broad Street,” said Frank Cento of Cushman & Wakefield, who represented ownership in eight of the 10 new deals.
“JEMB’s ability to provide tenants with an on-site architectural team, complete new installation and professional tenant build-outs has become the firm’s competitive advantage.”
Home builder Toll Brothers selected 75 Broad Street for their new Downtown Manhattan headquarters in a deal arranged directly by Louis Jerome of JEMB Realty.
Sun & Moon Marketing, a real estate marketing and branding firm, leased nearly 7,000 square feet, repped by Robert Constable and Willard Overlock of Cushman & Wakefield.
Kenneth Beilin of Beilin Commercial Real Estate repped new tenants Design Quadrant, a design and architectural firm, and Prodotti Mediterranei, Inc., an international food company, in leases totaling nearly 7,500 s/f.
In additional partial floor leases totaling nearly 20,000 s/f, Blue Engine, an education service, was repped by Jordan Rosenlicht and Lindsay Ornstein of Transwestern; Health Corps, a in-school and community health program, was repped by Robert Taylor of SRS Real Estate Partners. Cooper Carry, a design firm, was repped by Carri Lyon of Cushman & Wakefield. Law firm Johnson Gallagher Magliery was repped by George Keller and Peter Cento of Cushman & Wakefield.
About 60,000 s/f of office space remains available at 75 Broad Street.