Times Square Alliance has completed a renewal and expansion of its offices in the Crossroads of the World, bringing its footprint to 10,365 square feet, Commercial Observer has learned.
The nonprofit organization, which promotes local businesses and economic development in Time Square, will continue to operate on part of 10th floor of the 17-story, 225,000-square-foot 1560 Broadway between West 46th and West 47th Streets. It currently has 9,891 square feet split between the eighth and 10th floors. The entire office will be on the 10th floor as a result of the deal.
Times Square Alliance was founded in 1992 to provide services to the area such as public safety officers and sanitation workers. It also coordinates community events.
“The commitment by the tenant speaks to our exceptional asset management skills, as we are continually looking to invest in each of our assets in order to provide our tenants with the best experience possible,” Brian Steinwurtzel, a co-chief executive office of building landlord Newmark Holdings, said in a statement.
The asking rent in the 10-year lease was $47.50 per square foot, according to a spokeswoman for Newmark Holdings.
Alan Steinberg, a senior managing director of Newmark Holdings, handled the Times Square Alliance transaction for of the landlord in-house.
It was not clear who negotiated the deal on behalf of the Times Square Alliance. A spokesman for the nonprofit did not immediately return a request for comment.