Gap Takes Office Lease at 1440 Bway
Lauren Elkies Schram June 8, 2015, 10:46 a.m.
The Gap, Inc. has signed a 10-year deal for 34,000 square feet at 1440 Broadway, according to a release from publicly traded Maryland corporation New York REIT, or NYRT, the owner of the building.
“We are very pleased to welcome a new office tenant with strong retail brand recognition like The Gap, Inc. at 1440 Broadway,” said Michael Happel, the chief executive officer of NYRT, in prepared remarks. “This lease will increase occupancy at the building from 92.1 percent to 96.7 percent and demonstrates continued strong demand from tenants for space in the Times Square marketplace.”
The building, between West 40th and West 41st Streets, is 25 stories and spans 749,000 square feet, NYRT said. Newmark Grubb Knight Frank’s David Falk, Eric Cagner and Jason Greenstein represented the landlord in the deal. The brokers declined to comment via a spokeswoman and NYRT declined to provide details about the deal.
Tenants in the building, which underwent a major capital improvement project in August 2000, include Razorfish, Advance Finance Group, Fifth & Pacific and Mizuho Capital Markets, according to CoStar.
NYRT agreed to acquire the office tower at 1440 Broadway from Rockpoint Group and Monday Properties for $528.6 million toward the end of 2013, as Commercial Observer previously reported.