408 Broadway has reached full occupancy with the signing of global design consultancy IDEO as its latest tenant, reported Justin DiMare of Newmark Grubb Knight Frank. IDEO will relocate from 451 Broadway to expand to the top two floors of the five-story, 75,100-square-foot Tribeca building, which was made possible by negotiating an early lease termination with existing tenant, Spin Media.
The transaction completes a building repositioning that started in 2011, when United American Land acquired the vacant property’s defaulted mortgage and deed in lieu of foreclosure. Since then, Mr. DiMare, who represented United American Land in the 2011 acquisition, has acted as leasing agent and completed a total of 58,000 square feet in new leases to reach zero vacancy.
“This deal continues the trend of creative and technology firms seeking loft product within downtown’s vibrant, 24/7 neighborhoods,” said Mr. DiMare.
IDEO was represented by Michael Higgins and Mitti Liebersohn of Jones Lang LaSalle. Spin Media was represented by Phil Amarante of Colliers International. Mr. DiMare serves as leasing agent for United American Land.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.