Monday Properties, co-owner of the 25-story 1440 Broadway, says in a release that the InnerWorkings deal brings the building's vacancy rate to zero. A Monday spokesman tells GlobeSt.com that InnerWorkings is expected to relocate to the new space on the 22nd floor in the fourth quarter from its current offices at 462 Seventh Ave., 229 W. 36th St. and 232 Madison Ave. It's joining a 1440 Broadway tenant roster that includes Liz Claiborne and Macy's--each of which have more than 100,000 square feet of office there--Google and Mizuho Bank.
A Jones Lang LaSalle team that included Cynthia Wasserberger, Dan McCarthy, Matt Carolan and Ed Ditolla negotiated on behalf of InnerWorkings. Craig Panzirer, Monday's SVP and director of leasing, handled the lease in-house.
In October 2007, Monday Properties entered into a joint venture with institutional investors in a fund managed by Prudential Real Estate Investors to recapitalize the 745,000-square-foot 1440 Broadway. Monday now shares ownership of the building, which it repositioned after acquiring it in 1998, with PREI and serves as the managing partner. Monday is also the property management and leasing agent for 1440 Broadway. Asking rents at the property are in the neighborhood of $50 per square foot.
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