Insurance Agency Moves to 111 Broadway, Continuing Flurry of Activity
By Gus Delaporte April 11, 2013 1:45 pm
reprintsDemetriou General Agency has moved from Midtown to 111 Broadway, continuing a flurry of leasing activity for the property. The insurance agency has signed a seven-year lease for 4,978 square feet on the building’s 17th floor.
“[The tenant] liked the pre-build installation of this building,” Zac Price, associate at CBRE (CBRE), who represented the tenant, told The Commercial Observer. “Sam Spillane of the agency team showed us the pre-builds and it was a great opportunity.”
Among the reasons Mr. Price cited for Demetriou’s move downtown was better value and opportunity compared to the Midtown market.
As reported by The Commercial Observer, the Capital Properties’ buildings at 111 and 115 Broadway have been undergoing heavy leasing activity since CBRE was assigned as broker for the properties last year. The Community Health Care Association of New York State recently leased 7,391 square feet on the 14th floor of 111 Broadway, while law firm Perez & Cedeno elected to relocate to 111 from 350 Broadway.
Earlier this year, Rock Shrimp Productions, a production company behind many of restaurateur Bobby Flay’s television series, signed a 10,000-square-foot lease at 115 Broadway.
Mr. Price and Nicholas Weld of CBRE represented the tenant in the transaction. The landlord was represented by the CBRE agency team comprised of Brad Gerla, Adam Foster, Mike Rizzo and Mr. Spillane.
