The Excess Line Association of New York has renewed its lease at 55 Broadway, it was announced yesterday.
The lease is for the entire 9,500-square-foot 29th floor and is a five-year deal for a total of 6½ years, according to David Israni, senior managing director at Broad Street Development, the landlord.
Asking rents for the building are in the high 30s, Mr. Israni noted. With 18 months left to go on the existing lease, the new deal was in the 40s and was amortized into the deal with ELANY’s remaining obligations, he said. The deal closed in January, according to a statement.
Law firm Rosner Nocera & Ragone, LLP’s signing of a 8,135-square-foot lease at 61 Broadway is the latest in a wave of leases at Broad Street Development’s properties.
Founded by Raymond Chalmé and Daniel Blanco, Broad Street Development has wrapped up 54,000 square feet of new leases and renewals at 55 and 61 Broadway, located in the heart of the Financial District, and which the firm bought in 2004 and 2006, according to the New York Post.
Three of the resent signings at 61 Broadway, including MT2 Network, Rosner Nocera & Ragone and Vincenti & Vincenti, left Sandy-damaged buildings for the property and Mr. Chalmé said asking rents are in the $30s at the building, according to the Post.
“You read a lot about the bigger deals, but the smaller-tenant market’s alive and well,” he said.