111 Broadway/ Image: Capital Properties
NEW YORK CITY—PhotoShelter, a website designed to help professional photographers organize and manage their businesses, signed a deal with Capital Properties to lease 23,306 square feet at 111 Broadway. The 21-floor, 460,000-square-foot building known as the Trinity Building dates back to 1905, according to Real Capital Analytics. It stands between Trinity Place and Broadway in Manhattan's Financial District close to Zuccotti Park. The asking rent in the building is in the high $50s.
Photo Shelter is moving from the second floor of 33 Union Square West to occupy the entire 19th floor of its new location in early May 2019.
CBRE's Brad Gerla, Adam Foster, Michael Rizzo and Adam Leshowitz represented the owner Capital Properties. Newmark Knight Frank's Eric Zemachson and Corey Borg represented PhotoShelter.
“111 Broadway made perfect sense for PhotoShelter. The 23,000-square-foot full floors are laid out perfectly for creative tenants and provide tremendous natural light and air,” says Gerla. “Additionally, the property is located above the 4/5 Wall Street subway stop and is also within walking distance to the Fulton transit hub, which are all prerequisites for today's TAMI tenant.”
Hani Salama, EVP of Capital Properties says, “We have meticulously upgraded 111 Broadway over the years.” He adds as part of recent renovations, the owners installed new windows and improved exterior lighting using energy efficient LED lights. These are programmed to change colors during holidays and for different events.
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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.
