Gilbane Relocates NYC HQ to 25K SF at Midtown’s 1411 Broadway

Construction and real estate development firm Gilbane is moving its New York City headquarters uptown, Commercial Observer can first report.

Gilbane, which has delivered several projects in the city since 1949, signed a long-term lease for 25,261 square feet on the entire 28th floor of 1411 Broadway in Midtown, according to tenant broker Cushman & Wakefield.

The full-block, 40-story office tower between West 39th and West 40th streets is co-owned by real estate investor La Caisse — formerly Ivanhoe Cambridge, the real estate arm of Quebec-based pension fund Caisse de dépôt et placement du Québec (CDPQ) — and The Swig Company. CDPQ began operating as La Caisse in June, according to its website.

The new deal represents a relocation for Gilbane, which will move its HQ from 88 Pine Street in the Financial District to its new Midtown space, C&W said.

“Our new office builds on our deep roots in New York City and our dedication to the communities we serve,” Raquel Diaz, vice president of Gilbane, said in a statement. “For decades, we have partnered with clients to deliver projects that make a lasting impact, and our new working environment will support the collaboration and innovation that define our work.”

The exact length of the lease and the asking rent were unclear, but when brand management company Authentic Brands Group expanded to 100,000 square feet at 1411 Broadway last December, the asking rent was $75 per square foot.

C&W’s Dirk Hrobsky, Chris Helgesen, Jared Thal, Brooke Dean, Rachel Park, Alejandro Alvarez and John Albal brokered the deal for the tenant, while CBRE’s Paul Amrich, Neil King and Shay Kenney represented the landlord.

Spokespeople for La Caisse, The Swig Company and CBRE did not immediately respond to requests for comment.

One of Gilbane’s most recent New York City projects is an affordable housing development in the Bronx. Along with the Institute for Community Living, Tredway, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, Gilbane is developing Renova West, a 19-story affordable housing project with 266 new apartments at 860 Concourse Village East in the borough’s Morrisania neighborhood, according to a Monday announcement.

Gilbane’s new office at 1411 Broadway allows it to consolidate its development and construction teams on one floor and continue to focus on “building and developing spaces that shape communities and create lasting impact,” C&W said.

“1411 Broadway met every mark for Gilbane, offering a bright, efficient floorplate, a commuter-friendly location, and access to exceptional building amenities,” C&W’s Helgesen said in a statement. “This move represents a forward-thinking investment in Gilbane’s people and their clients. In a tightening office market, tenants like Gilbane with clear growth strategies have been able to take advantage of the remaining high-quality space options.”

Other tenants at 1411 Broadway include Authentic Brands Group and accounting firm Withum, as well as Starbucks and Chase Bank in the ground-floor retail space.

Isabelle Durso can be reached at idurso@commercialobserver.com.