Blanco, Israni and Huegel of Broad St. Dev. handle 22,000 s/f lease renewal

Broad Street Development (BSD) has renewed the Bank of Communications Co., Ltd's lease totaling 22,000 s/f of office space, at 55 Broadway. The international bank was eager to recommit to the space in order to remain in the Downtown district and in close proximity to its customers. The 10-year lease at a high $50 per s/f value was negotiated by the Broad Street team of Daniel Blanco, principal; David Israni, managing director and Mona Huegel, associate. Bank of Communications was represented by Doris Pokras, president of Project Vision Group, Inc. in the transaction. "We are extremely pleased the bank has recommitted to 55 Broadway, which will continue to serve as the headquarters for its New York City branch until 2019," said Blanco. "For savvy tenants, today's market presents an ideal opportunity to sign new leases or extend existing terms to occupy class A space, at competitive prices and in prime neighborhoods. The Bank of Communications clearly recognized all of these qualities at 55 Broadway." Israni said, "We are fortunate to have retained one of our most prestigious tenants at 55 Broadway, which is still over 95% occupied. We attribute this success to our hands on management style, and willingness to work with our tenants to provide the best real estate solutions." The accessible management and ownership team, location near major transportation hubs and most importantly Broad Street's popular pre-built and built-to-suit office program are drawing companies to the asset, since time and cost is a main consideration for relocating businesses. "We continue to experience great success with our prebuilt program, which is currently offering opportunities ranging from 3,000 to 10,370 s/f in size, and for terms as short as one-year," said Israni. "Unlike other owners, Broad Street recognizes some companies are not prepared to make long-term real estate decisions. Fortunately for these organizations, we are able to meet both their timing and space requirements." In addition to its successful pre-built program, companies are attracted to 55 Broadway's exceptional natural light, views and 10,000 s/f floor plates allowing for full-floor occupancy or easily divisible for multi-tenant use. Built in 1983 and located on the southwest corner of Broadway and Exchange Pl., the property is a 32-story class A office tower consisting of over 330,000 s/f of space in Downtown's Financial District. The building offers a diverse tenant roster from a variety of sectors and ranging in space from 2,000 s/f to 22,000 s/f. Broad Street Development also owns and manages the 750,000 s/f office tower at 61 Broadway in Lower Manhattan, and recently completed the marketing of two residential conversions at 1438 Third Ave. on Manhattan's Upper East Side and 184 Thompson St. in Greenwich Village. The firm also recently disposed of 370 Lexington Ave. in Midtown, following a successful two-year repositioning campaign, for a substantial profit. Broad Street Development is an investor group led by Raymond Chalmé and Daniel Blanco focusing on the acquisition and management of real estate assets. With more than two decades of combined real estate experience, Chalmé and Blanco have developed a reputation as "hands-on" owners and managers. The firm's initial area of concentration is the repositioning of acquired assets to meet the requirements of today's commercial and residential tenants.