Can 111/115 Broadway Steal Midtown South’s Lunch?
Daniel Geiger April 16, 2012, 3:54 p.m.
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.
111 and 115 Broadway are separated by Thames Street. The properties are joined overhead by a skybridge (not accessible to tenants).
111/115 Broadway has two separate but virtually identical lobbies. The spaces are both highly ornate and one of the hallmark amenities of the property, with elevators decorated in Gothic-style wooden paneling and borders, marble walls and intricately adorned golden ceilings.
The Heisman Trophy Trust, which every year awards the Heisman to college football’s top player, leases space in the base of 111 Broadway and has a trophy on display at the far end of the building’s lobby.
Brad Gerla and Adam Foster have been successful leasing a number of downtown office buildings including 14 Wall Street, 40 Wall Street and 100 Church Street among others.
Inside every elevator is the nameplate of the building’s landlord Capital Properties, which has its headquarters on the third floor of 115 Broadway.
The entire second floor of 115 Broadway, a roughly 21,000 square foot space, is vacant and one of the priorities of Mr. Gerla and Mr. Foster. “It used to be occupied by a bank,” Mr. Foster said. The space boasts high ceilings of about 15-feet, which for years had been concealed under a drop ceiling. “If you have a drop ceiling it conserves your heating and air conditioning costs,” Mr. Gerla said, while also noting how that type of installation had hidden the space’s greatest charm. Metal rods that had been affixed to the real ceiling to hang the drop ceiling, known as blackiron, hang over most of the space but ownership plans to remove them and clean up at least a portion of the floor so that tenants will be able to tour the space in a cleaner condition. “This is exactly the type of space we think will appeal to tech tenants,” Mr. Gerla said. Mr. Gerla and Mr. Foster said that the third floor, though it’s rented now, could be made available to create an over 40,000 square foot block.
The 18th floor of 115 Broadway is also available. Though it’s also 21,000 square feet, it doesn’t feel quite as roomy as the second floor because its ceilings are about the height of a normal office space. The floor has excellent views of the surrounding neighborhood, including the nearby World Trade Center.
From the 18th floor’s south window, some of the gargoyles high on its neighbor 111 Broadway are visible.
The top floor of 115 Broadway used to be a lunch club for lawyers. Though it’s now leased to a law firm, it boasts many of the building’s architectural details, including the Gothic styling, ornate woodwork and a large wall of stained glass windows.