TD Ameritrade Lease at 100 Broadway Fills Void Left During Darker Days
Al Barbarino March 7, 2013, 7:30 a.m.
TD Ameritrade has signed a 10-year, 9,509-square-foot lease for the ground floor and lower level at 100 Broadway, The Commercial Observer has learned.
The corner retail space in the 24-story office building features more than 170 feet of frontage along Broadway and Pine Streets.
“It’s a great corner space in the heart of the Financial District and steps from Wall Street, which lends itself well to a prominent financial institution like TD Ameritrade,” said Cushman & Wakefield’s Gene Spiegelman, who represented the landlord Madison Capital with Michael O’Neill.
The transaction, along with Duane Reade’s lease of roughly 25,000 square feet in 2011, completes the lease-up of the 35,000-square-foot space previously occupied by Borders bookstore before the company went bankrupt.
Just as the Borders bankruptcy represented the worst of times, the leasing of the retail space is symbolic of Lower Manhattan’s revival, as brokers and the real estate industry at large watch as their hopes and efforts finally materialize, spearheaded with the emergence of 1 World Trade Center (with Conde Nast as anchor) and the repositioned Brookfield Place (f.k.a. World Financial Center).
“Those projects are the drivers of the marketplace and are constantly moving the market forward,” Mr. Spiegelman said, noting the lack of availability and high demand along Broadway. “It’s not a stalled situation anymore, where people are wondering what’s going to happen. Things are happening.”
Madison Capital purchased the property, which also has 380,000 square feet of office space roughly two and a half years ago, and subsequently made a number of capital improvements on the property. The firm’s portfolio includes 21 New York City assets valued at more than $1.75 billion.
Annette Healey of CBRE represented TD Ameritrade.