Shorenstein Properties is embarking on a $30 million renovation and enhancement program for its high-rise at 1407 Broadway in Manhattan. Shorenstein acquired the 1.1 million square-foot office/retail building’s ground lease from Abraham Kamber Associates and the sublease from Lightstone in April 2015 for $330 million.
Shorenstein is hoping the capital improvements help attract more fashion and TAMI (technology, advertising, media, and information) 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.
“We have assembled a talented project team, who will work collaboratively to strengthen the building’s identity,” commented Kevin Kuzemchak, Senior Vice President, Asset Management at Shorenstein. “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 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 sf – to provide enhanced growth and flexibility for new tenants. Each of 1407 Broadway’s 43 floors boast open layouts, natural light, and 360-degree views of the Midtown skyline. Additionally, the tower features 33,000 sf of retail.
Located between 38 th and 39th streets, 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 these properties as top destinations.
CBRE has been retained as the exclusive office space leasing agent and contracted SRS Real Estate Partners to lead all retail brokerage.