The 54-story building is currently undergoing an extensive $160-million redevelopment. As GlobeSt.com previously reported, the 56-floor, two-million-sf building, located in the heart of Times Square on Broadway, between 44th and 45th streets, is one of the many buildings SL Green is currently revamping. Steven Durels, executive vice president and director of leasing and real property for SL Green, previously told GlobeSt.com that the locally based firm had planned the redevelopment program all along, since it purchased the building in 2002 for $480 million. He said that Viacom's lease expiring in 2010 was part of the reasoning for the redo, and explained that the first phase started when the firm repositioned all of the retail space.
Features of the on-going capital improvement program include a complete lobby redesign with 5,000 sf of custom art glass adorning the core walls; new elevator cabs; new common corridors and bathrooms; infrastructure improvements such as increased electric capacity; HVAC upgrades; emergency generator; and the addition of a new freight elevator.
[IMGCAP(2)]Durels tells GlobeSt.com that asking rent for the Wurk floors was $85 per sf, but he would not comment on taking rent or aggregate lease value. The building is 96% leased, he says.
As of early September, current tenants at the property included Association for Computing Machinery, Serino Coyne Inc., and Viacom International Inc. Durels also previously told GlobeSt.com that the firm anticipates the redevelopment program to conclude by the end of next year.
Representing the tenant in the transaction was Adam Rappaport of Cushman & Wakefield. Cushman & Wakefield did not respond to GlobeSt.com queries by deadline. SL Green was represented in-house by David Kaufman, together with Frank Doyle, Cynthia Wasserberger, Edward DiTolla and David Kleiner of Jones Lang LaSalle.
In a prepared statement, Joseph DeTrano, VP of sales and business development, of Wurk Environments, says "we're very excited to be opening our flagship in one of the preeminent addresses in the heart of Times Square. With its central location, 1515 Broadway's exclusive tenant base, premium cachet and new enhancements made it the clear choice to launch Wurk's first professional environment."
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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.
