New York, NY Shorenstein Properties LLC will be implementing a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million s/f office/retail building. The improvement project will be employed as part of Shorenstein’s plan to further strengthen the property’s position in the market.
Shorenstein acquired the 1407 Broadway ground lease from Abraham Kamber Associates and the sublease from Lightstone in April for $330 million. The capital improvement program will enhance 1407 Broadway’s position as a dynamic office and retail location for both fashion and technology, advertising, media, and information (TAMI) tenants. New York architecture firm Fogarty Finger will lead the renovation, which will include a new lobby and building entrance, façade improvements, elevator cab upgrades, and updated retail storefronts. Shorenstein has retained CBRE as the exclusive office space leasing agent and contracted SRS Real Estate Partners to lead all retail brokerage.
“We are pleased to announce the kick-off of our capital improvements at 1407 Broadway. We have assembled a talented project team, who will work collaboratively to strengthen the building’s identity,” said Kevin Kuzemchak, senior vice president, asset management at Shorenstein. “Shorenstein has a successful track record of repositioning properties across the country into top tenant destinations in their respective markets. We are confident that our enhancement plan will solidify 1407 Broadway as a premier property in the Times Square South market.”
1407 Broadway features flexible floor plates, which are ideal for creative and high-density users seeking horizontal lines of sight and/or perimeter office space. Shorenstein plans to offer mid-to-large blocks of space at the base of the building – consolidating floors of 42,000 s/f – to provide enhanced growth and flexibility for new tenants. Each of 1407 Broadway’s 43 floors boast open layouts, an abundance of natural light, and 360-degree views of the Midtown skyline. Additionally, the tower features 33,000 sf of retail, making it a sought-after work and play destination.
“We are thrilled to continue to serve as agents for 1407 Broadway,” said Peter Turchin, vice chairman at CBRE. “We are confident that the building’s loft-like feel, incredible sightlines, and ‘refreshed’ mid-century, Modern style will continue to attract tenants seeking quality space and an address in the heart of Manhattan.”
Located between 38th and 39th Sts., just steps from Bryant Park, 1407 Broadway is at the epicenter of an area currently undergoing a rebirth. With the creation of the Broadway Pedestrian Zone and the continued unfolding of the “new” Times Square, the neighborhood is increasingly attractive for creative tenants in search of accommodating spaces that cannot be met by current availabilities in Midtown South. Additionally, 1407 Broadway sits just steps from some of the city’s most important transportation hubs – Times Square, Penn Station, Herald Square, and the Port Authority.
Shorenstein has seen great success in acquiring challenged assets and repositioning them into market-leading properties including Market Square in San Francisco, The Reserve in Los Angeles, and River North Point in Chicago. Through extensive renovations, the firm has transformed and established theseproperties as top destinations.
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