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Business Group Signs for 14,000 SF on B'way

NEW YORK CITY-The National Minority Supplier Development Council is moving to 1359 Broadway, spurred by a $54-million upgrade to the property.

By Paul Bubny | Updated on December 02, 2008

NEW YORK CITY-The nonprofit National Minority Supplier Development Council is taking 14,000 square feet in a 10-year lease at 1359 Broadway for its national headquarters. NMSDC will relocate from 1040 Ave. of the Americas next spring. Lease terms were not disclosed; published reports say asking rent was $56 per square foot.

“NMSDC’s move reflects the transitions in the Penn Plaza district, which is no longer strictly focused on the fashion industries and is attracting a very diverse range of tenants,” says Brian Waterman, the building’s leasing and managing agent, in a release. Waterman, EVP and principal of Newmark Knight Frank, adds, “The area is now perceived simply as one of Midtown’s most prominent general business hubs with unparalleled access to transportation. Recent deals at 1359 Broadway, including publicly-traded firms Equifax and Actimize, illustrate that same trend.”

Another factor was the repositioning program at 1359 Broadway. A spokeswoman for landlord W&H Properties tells GlobeSt.com the $54-million capital improvements program at the property played a key part in attracting NMSDC to the 22-story, 478,836-square foot office tower, located between 36th and 37th streets.

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