Can 111/115 Broadway Steal Midtown South’s Lunch?
Brad Gerla and Adam Foster, two executives at the real estate services firm CBRE, were recently named as leasing agents of 111/115 Broadway, two sister office towers in Lower Manhattan. The pair, who are both known as prolific downtown dealmakers, were actually the brokers in charge of handling the property, which is owned and operated as one building, about 10 years ago (in Manahttan’s competitive brokerage business, rival teams often replace one another every few years or so). Since their last stint at the roughly one million-square-foot-property, tech and new media companies have again become busy takers of space. But unlike the dot-com boom of the late 1990s and early 2000s, Lower Manhattan has yet to catch on in the sector and has been supplanted largely by Midtown South. 111/115 Broadway is a building that Mr. Gerla and Mr. Foster say has the combination of character and economics to draw tech tenants back to the area. “We’ve been marketing to tech tenants because that’s an active segment of the market right now,” Mr. Gerla said. Asking rents at the property range from $38 to $40 per square foot.