Arkin, Walker and Fales of Cushman & Wakefield with Rubens of Murray Hill broker 52,805 s/f lease renewal

Children's apparel manufacturer and wholesaler One Step Up will step into the next 10 years at 1412 Broadway with a long-term lease renewal for its 52,805 s/f offices on the second, third and seventh floors of the Times Square South office tower. Representing the owner, Harbor Group International, LLC (HGI), were Cushman & Wakefield's (CW) Mitchell Arkin, Michelle Walker and Jonathan Fales. The tenant's broker was Jesse Rubens of Murray Hill Properties. "We are delighted to have One Step Up continue its tenancy," said Jordan Slone, chairman and CEO of HGI. "Their 10-year lease renewal is a validation of our renovation program and the desirability of the Times Square South area." In the two years since acquiring 1412 Broadway, HGI has invested more than $10 million in renovations at the 415,135 s/f, 24-story office building. A comprehensive capital improvement program included upgrades to the building's electrical capacity, telecommunications and fiber-optic infrastructure. In addition, new windows are being systematically installed throughout the building and the stunning, $1 million Specter DeSouza-designed renovations of the lobby, entry façade, corridors and restrooms have been completed. "A building that was 84% occupied less than two years ago is now 95% occupied," said Brian Boehmcke, a managing director in HGI's asset management group. "We are firm believers in the New York market and it is gratifying to be part of the dramatic turnaround of Times Square South." Located between 39th and 40th Streets in the center of the transportation triangle formed by Grand Central, Penn Station and Port Authority, 1412 Broadway's roster also includes Jones New York, Escada USA, OuterStuff, Securitas Security Services, Out of the Blue Enterprises, Oberon Securities and Provident Bank. The ground level amenity-oriented retail features Coffee Bean & Tea Leaf, Ricky's and Europa Café. Harbor Group International, LLC ("HGI") is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company's real estate holdings include over 9 million square feet of commercial space and approximately 25,000 apartment units.