Social Service Workers Union Moving to 22K SF in Times Square

By Liam La Guerre October 10, 2017 6:00 pm

1501 Broadway, also known as the Paramount Building. Photo: Avison Young

Social Service Employees Union (SSEU) Local 371 has signed a 22,063-square-foot lease at 1501 Broadway, also known as the Paramount Building, to relocate its offices, Commercial Observer has learned.

The union, which represents caseworkers, child welfare employees and juvenile counselors, will occupy part of the fourth floor of the 33-story office building between West 43rd and West 44th Streets. The asking rent in the 15-year deal was in the mid-$50s per square foot, according to information provided by the landlord’s broker, Avison Young.

Arthur Mirante, Michael Gottlieb, Anthony LoPresti, Matthew Hoffman and Joseph Gervino of Avison Young handled the deal for landlord Paramount Leasehold, a partnership of Levin Properties, the estate of Arthur G. Cohen and other investors.

Cushman & Wakefield (CWK)’s John Fitzsimons, Frank Cento and Jonathan Serko represented SSEU, which is moving in mid-2018 from its current offices at 817 Broadway between East 11th and East 12th Streets near Union Square Park. There the company has 24,000 square feet on three floors, according to CoStar Group. The C&W brokers declined to comment via a spokesman.

“The landmark Paramount Building continues to attract tenants in a variety of businesses,” Mirante said. “Though the building is known for its extensive theater industry tenant roster, we are also finding there’s strong interest in the property from organizations outside the live entertainment field.”

Another recent non-entertainment deal in the building was with Raymond America, a fabric manufacturer, for offices and showroom space. The company signed a five-year, 3,479-square-foot deal at 1501 Broadway for the entire 30th floor of the tower. Kara Luwisch of Town Commercial represented Raymond America in that transaction, while the Avison Young team handled negotiations for the landlord.

The landlord is completing a $50 million renovation of the 800,000-square-foot building at 1501 Broadway, which is almost 90 percent occupied. It has already replaced all of the windows and elevators, upgraded the common corridors and bathrooms, and will build a new Art Deco lobby on the West 43rd Street side. The project will be completed by the end of the year.