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The Nederlander Organization, an esteemed owner and operator of historic theaters in the U.S. and London, signed a long-term, 18,700-square-foot lease at The Paramount Building, an iconic office tower located at 1501 Broadway in Times Square, according to Newmark Grubb Knight Frank, which represented the tenant in the transaction.
Nederlander is relocating from 1450 Broadway and will take the entire 14th floor in The Paramount Building this summer. The 33-story property is undergoing $50-million in renovations to the lobby, elevators and common areas. Lying in the heart of Times Square among the largest retailers and most visited entertainment destinations, the 788,000-square-foot office building is conveniently located a block from the Times Square subway station and two blocks from Port Authority Bus Terminal.
“As one the largest privately held live entertainment companies in the world with nine Broadway theaters, Nederlander wanted a location that was truly at the heart of show business,” said NGKF Executive Managing Director Lance Korman, who represented Nederlander with Vice Chairman Brian Waterman and Senior Managing Director Brent Ozarowski. “Before, the organization was just south of Times Square. But now, in an iconic building created by the entertainment industry, it is appropriately at the center of American theater.”
First built in 1926 as the East Coast headquarters for Paramount Pictures, 1501 Broadway once housed The Paramount Theater, one of the Big Apple’s most renowned entertainment venue for movies and live performances.
Avison Young Principal and Tri-State President Arthur J. Mirante, II, Principal Michael Gottlieb, Senior Associate David Cohen and Associate Thomas Hines represented the landlord in the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. 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.