Macy's Signs 105,000-SF Renewal/Extension

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.