Broadway Theater Owner Shubert Organization Takes 14K SF at GFP’s 520 Eighth Avenue

The Shubert Organization, the largest owner of Broadway theaters in New York City, is taking center stage at 520 Eighth Avenue in Midtown. 

Shubert, which owns historic theaters such as the Imperial Theatre, has signed an 11-year lease for a newly outfitted, 14,480-square-foot office on the tower’s 11th floor, according to landlord GFP Real Estate.

Shubert began its tenancy at the 26-story building in 2010. Today, Shubert owns and operates 17 Broadway theatres, six off-Broadway venues and the Forrest Theatre in Philadelphia.

Shubert wasn’t the only tenant making deals at 520 Eighth Avenue, as a stacked ensemble of tenants joined the Broadway behemoth in relocating or renewing at No. 520 in recent months. GFP’s Matthew Mandell represented the landlord in-house, as well as several tenants, in the lease negotiations that encompassed more than 43,000 square feet of office space.

“520 Eighth Avenue continues to resonate with a wide range of tenants — from cultural institutions and nonprofit organizations to professional services firms and innovative storage concepts — seeking quality space in a highly accessible Midtown location,” Mandell said in a statement.

New arrival Stuf Storage, a self-storage startup, struck up a 10-year deal for roughly 7,792 square feet on the 15th floor. The company plans to establish a storage locker facility there, according to GFP. The deal marks Stuf Storage’s second lease with GFP this year, following a transaction at 10 Astor Place that Commercial Observer reported in March.

“GFP has been a great partner, and 520 Eighth Ave is exactly the kind of location Stuf looks for: a high-density neighborhood with real demand for storage,” Marie Skaff, director of real estate at Stuf Storage, said in a statement. “With a second location already in the pipeline, we’re excited to continue growing the relationship.” 

Meanwhile, the Nation Company, publisher of The Nation, recently finalized its own internal relocation at the Midtown tower. The company, which took up tenancy in 2016, moved from the 21st floor to the 16th floor following the buildout of new offices. The five-year lease spans 6,054 square feet, according to GFP.

Mandell represented both Stuf Storage and the Nation in their respective transactions.

Other recent arrivals at the building between West 35th and West 36th streets include the Afro-Latin Jazz Alliance of New York. The nonprofit, represented by broker Jane Brody, signed a lease for 3,810 square feet on the 12th floor. Medical practice Dr. James Outpatient Psychiatry, with the help of Mandell, also secured 3,006 square feet on the third floor. 

Smaller leases included deals for personal injury law firm Kelman Winston & Vallone and the Joint Retirement Board for Conservative Judaism (JRB). The law firm, assisted by broker Norman Bobrow of Norman Bobrow & Company, leased 2,695 square feet on the 14th floor. JRB relocated from One Penn Plaza to 2,625 square feet on the 19th floor. Ethan Lipetz of Savills represented the nonprofit.

“520 Eighth checked several important boxes for JRB, offering meaningful value, flexibility and the ability to tailor the space to their needs,” Lipetz said in a statement. “The property’s central Midtown location near Penn Station and major transit hubs, along with its operational efficiency, ultimately positioned it as the right fit for the organization’s next chapter.”

Spokespeople for the incoming tenants did not immediately respond to requests for comment. 

Emily Davis can be reached at edavis@commercialobserver.com.