Presented By: Silverstein Properties
Downtown Leasing Ends Best Quarter in Eight Years
Pressure on Landlords to Amenitize, Compete for Tenants
By Silverstein Properties April 8, 2019 9:01 amreprints
Lower Manhattan ended 2018 with its best quarter of new leasing activity since Q2 2011, resulting in over 2.12 million square feet of new activity, according to a recent report by the Downtown Alliance.
With companies such as GroupM, Spotify (SPOT) and Macmillan bringing thousands of new employees Downtown, many building owners are adding amenities as a way to attract and retain tenants.
“As the demands and tempo of today’s businesses continue to evolve, developers and real estate owners are taking a lifestyle-oriented approach to servicing tenants within their buildings,” said Joseph Artusa, Senior Vice President of leasing at Silverstein Properties. In Downtown Manhattan, where the neighborhood continues to shift from a financial hub to one of the city’s leading tech destinations, this need is even more crucial, as landlords seek to attract and retain a younger, more diverse workforce.
The Equitable Building, located at 120 Broadway, is regarded as one of the most iconic office buildings in Manhattan and was the catalyst for the city’s current real estate zoning infrastructure. The building was purchased by Silverstein Properties in 1981 and declared a city landmark in 1996. Last year, as part of the building’s $50 million capital improvement program, Silverstein introduced a series of amenities as part of a portfolio-wide tenant experience program called INSPIRE. The building now offers tenants attractive on-site features to encourage workplace productivity and access to services that accommodate their day-to-day needs.
“The Equitable Building at 120 Broadway is one of New York’s most architecturally significant buildings, representing a unique time period marked by grand office design,” said Larry Silverstein, Chairman of Silverstein Properties. “We’ve remained committed to returning the building’s public spaces to their original splendor while at the same time appealing to the modern needs of today’s companies and their employees. As the workforce continues to change, office amenities are a crucial factor to allow us to remain competitive and thoughtful landlords.”
Last October, Silverstein Properties unveiled plans for an indoor-outdoor 40th-floor rooftop amenity space at 120 Broadway, situated in the building’s former Bankers Club. Originally used as a private dining lounge situated on the top three floors of building, the original Bankers Club location will be repurposed and integrated into the final design of an expansive rooftop amenity space upon completion, providing building tenants with access to the space for the first time in the building’s 103-year history.
The reimagined Bankers Club lounge will feature a food hall with seasonal and permanent food stations, including a gourmet grab-and-go coffee bar, a seasonal, casual dining outpost and a street-inspired concept offering food truck-themed fare curated by a designated James Beard Foundation executive chef. As an added amenity, foot messengers are available to deliver lunch from the rooftop space to tenants at their individual offices. Discussion groups, book club gatherings, food and travel talks, monthly movies and yoga classes will also be integrated as part of the on-site programming, creating an environment that fosters creativity and community. The 6,300-square-foot amenity space will also provide direct access to the building’s twin outdoor terraces perched on both sides of the H-shaped building.
“You are really well taken care of at 120 Broadway,” said Andrew Breslau, Senior Vice President, Communications and Marketing at the Alliance for Downtown New York. “It’s great to work in a building that not only supports the needs of our organization, but one that values community and the needs of individual employees as well.”
For more information on 120 Broadway and to inquire about leasing opportunities, please visit www.120Broadway.com.