The amenities program at 1540 Broadway, part of a $150 million repositioning, boosted office leasing even before the work overseen by design firm Fogarty Finger is fully completed in early 2027.
GFP Real Estate and MSD Partners, which took control of the 750,000-square-foot Times Square location last year, scored an expansion by Pandora Jewelry LLC that doubles its office space to 55,872 square feet. JLL’s Dan Posy represented the tenant.
Also, Korea-based Woori Bank New York Agency signed for 18,553 square feet, moving from 245 Park Ave. Newmark’s Charles Han and Douglas Levine repped the bank.
The deals bring the tower’s office floors to 50% occupancy. (The retail portion is separately owned by Vornado). The office leasing agent, JLL’s Clark Finney, said there’s “significant activity” on remaining availability and, “We expect to be well on our toward 80% leased by the end of the second quarter.”
The tower once home to Bertelsmann lost several large tenants including Viacom before the current owners took over.
GPF principal Brian Steinwurtzel said, “We’re turning it into one of Midtown’s most amenitized buildings” – including a 45,000-square-foot wellness facility on the entire eighth floor and a private dining club on the 36th floor.
Asking rents are around $89 per square foot but “will likely go up given all the activity,” Finney said.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
