French fashion label BCBG Max Azria Group has completed a 27,660-square-foot office renewal at The Zar Group’s 1450 Broadway between West 40th and West 41st Streets, according to a press release from JLL. The women’s clothing chain is one of the building’s biggest tenants.
The renewal for the entire 16th and 17th floors is for 10 years, Jll’s release indicates. The asking rent was in the mid-$60s per square foot.
JLL’s Mitchell Konsker, Barbara Winter, Benjamin Bass and Kip Orban represented The Zar Group in the transaction, working with Bobby Zar and Noah Kaufman of The Zar Group. Cushman & Wakefield’s Richard Bernstein, Steve Braun and Jordan Weiss (now at Savills Studley) represented BCBG Max Azria Group in the deal.
“Tenants from diverse industries continue to be attracted by the top-notch office space at 1450 Broadway as well as the property’s excellent location,” Zar said in prepared remarks. “We recently completed a multi-million dollar capital improvement program that includes a new, modern lobby and entry designed by Moed de Armas & Shannon, along with new building systems. Our new and returning tenants have all been enchanted by the beautiful pre-builds, terraces and great city views at 1450 Broadway, as well as the building’s proximity to mass transportation. We have also added exciting dining options by bringing in new retailers, including Chop’t and Sushirrito.”
Other recent deals in the roughly 400,000-square-foot building include Nederlander Television & Film Productions’ renewal for 5,333 square feet on a portion of the 20th floor, apparel retailer Authentic Lifestyle Products’ relocation to 6,380 square feet on a portion of the sixth floor, financial industry collaborative AcadiaSoft’s relocation to 3,808 square feet on a portion of the seventh floor and global provider of cooling and heating systems Fujitsu General America’s five-year lease for 2,728 square feet of office and showroom space on the entire 42nd floor.
“This is a smart and strategic renewal because it allows BCBG to reduce its footprint by one floor, creating a more efficient space while maintaining its employee headcount,” Bernstein said. “The company will remain in a space it has invested in significantly, in a building that it has come to call home for approximately 20 years.”
The Zar Group paid $204 million for the property in May 2011, property records indicate.