Accounting Firm Moving to Entire 14K-SF 40th Floor at 1407 Broadway
Liam La Guerre Aug. 30, 2016, 2:35 p.m.
Long Island-based Gettry Marcus, an accounting firm, has signed a 13,797-square-foot lease to relocate its offices to 1407 Broadway, Commercial Observer has learned.
The company will occupy the whole 40th floor of the 43-story building between West 38th and West 39th Streets, which is owned by Solil Management and controlled by Shorenstein Properties via a ground lease.
Gettry Marcus is consolidating from two offices—one at 3 Park Avenue between East 33rd and East 34th Streets and the other at 462 Seventh Avenue between West 35th and West 36th Streets. Asking rent in the 10-year transaction at 1407 Broadway was in the $70s per square foot, according to a broker in the deal. Shorenstein is building out the space and expects the tenant to move in early next year.
“I think the reason 1407 Broadway was so attractive to them is because they like being on the West Side, and having a full floor was a desirable factor,” said CBRE’s Gregg Rothkin, who brokered the deal for Shorenstein with colleague Peter Turchin. Rothkin added that the location was key because of its “close proximity to Penn Station… and Grand Central.”
The 40th floor of the building features panoramic views of the city and the Hudson River, which was another draw to the space.
Shorenstein purchased the 34-year master lease for the property from Abraham Kamber & Company and a sub-ground lease from the Lightstone Group for a combined $330 million in April 2015. The California-based developer and property manager is wrapping up a $30 million renovation of the tower, featuring new office spaces, a new façade and storefronts, and a new lobby and elevator cabs, as CO previously reported.
The building, which features a host of fashion companies like Ikeddi Enterprises, Lands’ End, Louise Paris and Alex Apparel Group, also recently signed leases with law firm Moritt Hock & Hamroff and software company JAMF Software.