Zar Group Signs Three New Tenants, Renews Another at 1450 Broadway
Landlord the Zar Group has signed three new tenants and renewed another at its 1450 Broadway office tower near Times Square, Commercial Observer has learned.
In the largest deal at the 42-story, 400,000-square-foot building at the southeast corner of West 41st Street, information technology provider Insight Enterprises inked a five-year lease last month for the entire 10,050-square-foot 21st floor, according to a press release from landlord broker JLL (JLL).
Asking rent in the deal was $65 per square foot, with Insight relocating from its current offices at Vornado Realty Trust (VNO)’s 1 Penn Plaza. Brandon Clarke of Cresa and Tara Curley of Mohr Partners represented the tenant.
Workplace furniture and design firm FCI Furniture Consultants will also move to 1450 Broadway from 1 Penn Plaza after signing a 10-year deal last month for 7,197 square feet spanning the entire 25th floor. Asking rent in the deal was $65 per square foot, with CBRE (CBRE)’s Jason Frazier representing the tenant.
Fabric importer and exporter Yagi Tsusho America, meanwhile, will be leaving Equity Office’s 5 Bryant Park after agreeing to a 10-year lease earlier this month for 3,999 square feet on a portion of the 20th floor at 1450 Broadway. Asking rent for the space was $63 per square foot, and Cushman & Wakefield (CWK)’s Junji Miyake represented the tenant.
Lastly, BNB Bank signed a two-year deal last month to renew its 3,771 square feet on the entire 37th floor of the building. Asking rent was $75 per square foot, with BNB represented by Kenneth Salzman of Lee & Associates NYC.
The Zar Group was represented in all four leases by a JLL team of Mitchell Konsker, Barbara Winter, Simon Landmann and Kip Orban, as well as the in-house pair of Bobby Zar and Noah Kaufman.
In a statement, Zar said the three new tenants—all of which are expected to move to 1450 Broadway by late summer or early fall—will “further diversify the tenant base” at the property, while Orban noted that “technology and creative companies continue to be attracted to the office tower’s great location in the heart of Times Square.”
Representatives for CBRE, C&W, Lee & Associates NYC, Cresa and Mohr Partners could not immediately be reached for comment.
Zar Group recently completed a multimillion-dollar capital improvement program at 1450 Broadway, helmed by MdeAS Architects, that included upgrades to the lobby, elevators and retail storefronts.