Adobe Quadruples Lease in Times Square
Software company Adobe Inc. has renewed and expanded its lease at 1540 Broadway in the heart of Times Square.
The company signed a ten-year lease for four full floors of the 44-story building, spanning 109,296 square feet. That includes a renewal of its 27,323-square-foot lease on the 17th floor, and an additional 81,972 square feet on the 18th through 20th floors.
CBRE (CBRE)’s Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph represented the landlord, Edge Fund Advisors, and Colliers (CIGI)’ Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach represented the tenant.
Edge Fund Advisors, and their co-owner HSBC Alternative Investments, spent $40 million to upgrade the 1.4 million-square-foot property, also known as Bertelsmann Building. In addition to a new entryway and upgraded elevators, the upgrade included a full floor of amenity space, spanning 27,000 square feet, according to CBRE’s Fiddle.
Vornado Realty Trust owns the 197,000-square-foot retail portion of the building, located at between West 45th and West 46th Streets, with tenants that include MAC, Forever 21, Sunglass Hut, Planet Hollywood and Disney.