Modivcare Consolidating Financial District Offices to 75 Broad
By Nicholas Rizzi February 14, 2023 2:52 pm
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Modivcare, which arranges nonemergency medical rides for patients, will consolidate two of its Financial District offices into 75 Broad Street, landlord JEMB Realty announced.
The firm signed a seven-year lease for 13,000 square feet in the 34-story building between Beaver and William streets, according to the landlord. Asking rent was $52 per square foot.
The Denver-based Modivcare plans to relocate its offices at 32 Old Slip and 80 Broad Street to 75 Broad in the third quarter of this year, the landlord said.
The 671,366-square-foot building, also known as the International Telephone Building, was built in 1928 as the original International Telephone and Telegraph Company headquarters. JEMB has been in the process of restoring its lobby and marble walls as part of a capital improvement plan, according to JEMB.
Other tenants in the property include public relations firm Nike Communications, marketing company Gallegos United and graphic design agency GHD Partners, with the latter two signing on last year for 14,000 square feet and 5,000 square feet, respectively, the landlord said.
Cresa’s Thomas Sullivan and Peter Sabesan represented Modivcare in the latest lease while Neil King, Zachary Price, Paul Amrich, Jonathan Cope and Eric Sears of CBRE handled it for the landlord. CBRE declined to comment.
“After a yearlong search, we found a space that enabled our client to relocate two divisions from separate buildings,” Sullivan said in a statement. “Working with JEMB helped ensure negotiations remained transparent and fluid.”
Update: This story has been updated to add a comment from Thomas Sullivan.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
