1501 Broadway lobby/ Image provided by Avison Young
NEW YORK CITY—The Paramount Building, a landmarked property constructed in 1926 which once was the headquarters of Paramount Pictures in Midtown Manhattan, recently signed four leases. Located at 1501 Broadway, between 43rd and 44th streets, the grand, Art Deco structure stands in the heart of the Theater District and Times Square.
The tenants will occupy approximately 72,000 square feet in the 32-story, 686,603 square-foot tower that's owned by Paramount Leasehold, a partnership of Levin Properties, the estate of Arthur G. Cohen and other investors. The building description was available on PropertyShark.
A source with knowledge of the transactions tells GlobeSt.com that the asking rents in the building are from the low $50s in the base of the building to the low $70s in the tower.
KIPP Foundation & KIPP NYC, a non-profit charter school organization, signed a new 18,680 square-foot, 10-year lease, for part of the 10th floor, including an outdoor terrace. The tenant is relocating from 520 Eighth Ave.
The American Federation of Musicians of the United States and Canada inked a deal for an 18,332 square-foot lease extension and expansion across the entire ninth floor. The labor union which represents professional musicians throughout both countries has been a long-time tenant at 1501 Broadway.
EC New York, an English language school for adults, signed a new, 16,657 square-foot, 15-year lease on the 11th floor. They moved from 1450 Broadway.
Long-term tenant Hardesty & Hanover signed a 17,656 square-foot lease expansion for the entire sixth floor. This expansion will cover the remaining 12 years of the engineering firm's lease, and brings their total footprint in the building to over 52,000 square feet.
The leases closed within weeks of the building owners' announcement of the completion of lobby renovations, designed in the Art Deco style. It was the final stage of a $50 million capital improvement program that updated the building with new windows and elevators, updated corridors and bathrooms, a new cafe in the lobby and a new exterior marquee and signage.
Avison Young's Arthur J. Mirante, II, Michael Gottlieb and Joseph Gervino represented the building owners in the recent transactions.
Other building tenants included Christine Valmy, Local 371 Administrative Fund, Raymond America, Giaronomo Productions, Adventureland, Miller Korzenik Sommers Rayman LLP, RPM Agency LLC, BQ Insurance and Davenport Theatrical Enterprises.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
