Ivanhoé Cambridge and Callahan Capital finish $60 million capital improvement plan with partner The Swig Company at 1411 Broadway

Manhattan, NY According to Ivanhoé Cambridge and Callahan Capital Properties, along with their partner, The Swig Company, the final phase of a $60 million capital improvement plan for 1411 Broadway is underway.  The ownership has commenced a full window replacement program to enhance tenant comfort, energy efficiency and overall aesthetics.  Completed phases of the repositioning effort include an extensive lobby renovation with new glass curtain wall, new plazas and landscaping along Broadway and 7th Ave., renovated elevator cabs, a new retail storefront along Broadway and 40th St., and numerous infrastructure upgrades.  With these building enhancements, 1411 Broadway has been gracefully modernized to enhance the tenant and visitor experience and reflects its position as the area’s premier property.

Spurred by the comprehensive redevelopment program, 1411 Broadway has enjoyed tremendous leasing momentum with approximately 240,000 s/f of transactions since commencement of the renovations.  This leasing success has brought the building from 87.5% occupied at that time to over 97% leased today. New tenants to 1411 Broadway represent a broad array of industries that diversify the tenant base beyond fashion to include financial services and advisory, consulting and media companies.

In addition, tenants of 1411 Broadway and the surrounding community will soon enjoy an exciting new amenity when Starbucks opens a new and unique store design at the northeast corner of the building along Broadway and 40th St.  Starbucks is creating a distinct and elegant café space with a unique bar layout, and plans to open in May 2017.  

“While 1411 has always enjoyed premier status in the Garment District/Bryant Park submarket, through our capital plan we’ve been successful in attracting a broader array of tenants due to the substantial building enhancements, the spectacular views, the ever-increasing vibrancy of the neighborhood and the building’s central location steps away from Bryant Park,” said Michael McMahon, senior vice president of asset management in the eastern region for Callahan Capital Properties.

Jonathan Pearce, senior vice president, leasing, Office North America, Ivanhoé Cambridge, said “We are delighted with the success of 1411 Broadway’s repositioning efforts, which has truly made this building a preferred place to work.  Our new tenants, from a diverse array of industries, are a testament to this.”  

Located one block from Bryant Park and just south of Times Sq., the 39-story, class A office tower in Midtown is in an area that is increasingly popular with office tenants seeking outstanding amenities and close proximity to transportation.  Occupying a full block, the office tower boasts nearly column free floors with superb panoramic city views.  The 1.2 million s/f property features direct access to the Times Sq. subway station’s eight subway lines and a quick walk to New York’s key commuter train and bus terminals.