NEW YORK CITY-The Zar Group announced Wednesday it has undertaken a $25 million capital improvement program at 1450 Broadway. The restoration will include the lobby, elevators, retail space, tenant offices and some common areas. It is slated for completion by September.
Primarily the renovation will involve the addition of specialized glass surfaces in many parts of the building which will improve both the appearance and the efficiency of the building, says Dan Shannon, a principal with architectural firm Moed de Armas & Shannon, in the announcement.
“The building was built in the 1930s and time has not treated the building well,” Shannon tells GlobeSt.com. “What we've done is tried to restore the prominence of the interior with a white floor and dark gray marble core, surrounded by white glass. That combination restores the quality of the space, creates a nice lightness and it's detailed in such a way so as to have a lot of quality,” he says. “And we're going to have this create an anchor for a piece of art in the lobby.”
“There's also a capital campaign to replace the office windows,” he continues, “which is much more efficient than current glass, significant improvement from energy point of view. We're also upgrading the tenant spaces.”
More specifically, according to the announcement, the renovation will include recladding many of the interior lobby surfaces with energy efficient glass designed for lasting durability and easy maintenance. The interiors of the elevator cabs will be re-surfaced in glass as well. The storefront along Broadway will be re-designed in order to “present a more open and welcoming appeal to future tenants,” the announcement states.
Built in 1931 and renovated in 1993, 1450 Broadway is set on the east side of Broadway on the corner of 41st Street. The 42-story office tower was purchased by The Zar Group in June of 2011 for $204 million. Current tenants include BCBG, Iconix Brand Group, Inc., Tarrent Apparel Group, Buffalo Jeans, and the Nieman Marcus Group.
“We recognized the importance of a capital improvement plan for 1450 Broadway that significantly repositions the property and upgrades the tenant experience,” says Bobby Zar, president of the Zar Group, in the announcement. “It was clear from the beginning that Dan and his team shared our passion and vision and we are very excited to be working with them on this project.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
