NEW YORK CITY-Locally based Monday Properties has completed a lease renewal and extension with Macy's Inc. at 1440 Broadway. The department store signed for 105,000 sf at the 745,000-sf building. With the completion of the Macy's lease renewal and extension, the 1440 Broadway building is now almost fully leased, with just 2,600 sf left in the building. Monday Properties also has completed its joint venture with institutional investors in a fund managed by Prudential Real Estate Investors to recapitalize the property.
Monday Properties tells GlobeSt.com that the aggregate value of the Macy's lease is more than $40 million. Although they could not disclose further specific terms, they did say that asking rents in the building at $57 per sf.
Craig Panzirer, SVP and director of leasing for Monday Properties, represented the ownership of the building. Scott Gottlieb and Michael Laginestra of CB Richard Ellis Inc. represented the tenant. The 1440 Broadway building is located between West 40th and West 41st streets.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
