Jay Suites Inks Another 21K at 1441 Broadway
Michael Ewing June 24, 2013, noon
Jay Suites has expanded its presence at its Times Square office, The Commercial Observer has learned.
The temporary office provider has been rapidly growing in recent years and the lease represents an expansion of a sixth office in the city. The company initially took a 21,711-square-foot office on the fifth floor of LH Charney Associates‘ 1441 Broadway last summer and the new lease will take over the 3rd floor, adding 21,280 square feet.
“The floor plates work very well for them,” said Richard Doolittle, senior executive managing director of Murray Hill Properties, on the motivation behind the expansion. “Their business model of all inclusive is different than other office suites in the city. And, of course, location location location.”
Nestled between Sixth Avenue and Broadway, the building is located blocks within major transportation hubs like the Times Square subway stop, Grand Central, and Penn Station.
The deal comes after Liz Claiborne slashed approximately 200,000 square feet off its lease at the 450,000-square-foot building. Mr. Doolittle, representing the landlord, has been hard at work leasing out the space, in which 30,000 square feet remains vacant.
He notes that a mix of tenants have been attracted to the building, include showroom, technology tenants, and, of course, Jay Suites.
“When I introduced the principles of Jay Suites to Leon Charney, the chemistry was there immediately,” said Mr. Doolittle. “He saw a lot of himself in the young entrepreneurs and he loved their business model. That led to the first transaction and then the expansion.”