One Step Up has renewed their lease in Midtown.
The apparel company is set to maintain their 52,805-square-foot lease at Harbor Group International‘s 1412 Broadway for the next ten years. The firm, with the help of Jesse Rubens, a senior executive managing director of Murray Hill Properties, the firm initially moved into the building in 2004 on the second and third floor and has subsequently expanded to the a part of the seventh floor.
“[One Step Up] saw that Harbor was doing the right thing to the building,” said Jesse Rubens, a senior executive managing director of Murray Hill Properties. “They wanted to extend their commitment to the building as well.”
“The tenant required capital for a rebuild to accommodate the showroom for the future and they wanted more efficiency in the space while improving functionality and design,” Mr Rubens added. “They had time left on the lease and they saw that Harbor was putting effort into the building, and given that they were an anchor of the building, they thought it might be an opportune moment to structure their lease, get some capital for a rebuild, get some concession, and extend long term.”
On the opposite side of the table, Mitchell Arkin and Michelle Walker of Cushman & Wakefield represented the landlord. The asking rent was $47 per square foot.
The deal comes in light of Harbor Group’s acquisition of the building nearly two years ago for $150 million. The building has underwent a $10 million dollar capital and tenant improvement program that renovated the lobby, windows, and continued operation efficiency.