NEW YORK CITY—The 215,000 square foot office building at 1460 Broadway is getting a makeover following a change in the ownership structure of the property.
San Francisco-based Swig Co.—which has no relation to Swig Equities—is buying out Blackstone Group, its 49% partner in the property, and is teaming up with Himmel + Meringoff to give the building a facelift.
Jeanne Myerson, CEO of Swig Co., said in a statement from the company that the change was made possible by the impending departure of the building's only office tenant, law firm Skadden Arps.
Leslie Himmel, principal at Himmel + Meringoff, tells the New York Post that the capital plan is more than $25 million Plans include a new lobby, new elevators and double-height store fronts. Asking rents will range from the high $50s to the mid $60s per square foot.
“We're planning the same magic we recently did at 401 Park Ave. S.,” which was repositioned and leased after the exit of a major tenant, she says.
Himmel told the Post that the capital plan, well “in excess” of $25 million, would bring 1460 Broadway a new lobby, elevators and “spectacular” new double-height storefronts.
The work also will include installation of LED signs rising to 150 feet at the building's Broadway-side corners. But the main goal is to lure modern office tenants from the corporate, tech and media worlds. Asking rents will range from the high-$50s to mid-$60s per square foot.
Swig Co.'s other New York holdings include 1114 Sixth Ave. (the Grace Building), 1411 Broadway and 7 Hanover Square. Himmel + Meringoff's portfolio includes 521-533 W. 57th St. and 462 Broadway.
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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.
