Actors Federal Credit Union Expands to 11K-SF at 1560 Broadway
By Mark Hallum November 30, 2023 12:43 pm
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Actors Federal Credit Union is extending its lease at 1560 Broadway for 10 years and tacking on an extra 1,587 square feet in the process.
The tenant, which first moved into the Times Square building in 1991, currently leases about 9,130 square feet on the fifth floor and will be moving to another part of the same floor with about 10,717 square feet, according to landlord GFP Real Estate.
GFP did not disclose the asking rent in the deal, but Midtown offices saw average asking rents of $82.68 per square foot in the third quarter of 2023, according to CBRE.
“Actors Federal Credit Union had needed additional space and, fortunately, we were able to accommodate them on the same floor — a win-win for both the tenant and ownership,” GFP’s Alan Steinberg, who represented the landlord in-house, said in a statement.
Joseph Harkins of Cushman & Wakefield (CWK) negotiated on behalf of Actors Federal Credit Union and did not immediately respond to a request for comment.
The Bethlehem Engineering Corporation constructed the 17-story building in 1925 and previously had a cinema on the ground floor that once served as The Embassy Theatre, but later converted that space to retail.
Other recent office signings in the building include Christie Lites Broadway, a rental equipment company for stage and theater lights, which inked a 2,463-square-foot lease on the seventh floor in May, and the Times Square Alliance, which expanded its offices to 10,365 square feet in 2017.
Mark Hallum can be reached at mhallum@commercialobserver.com.
