June 21, 2022 10:30 AM
Newmark, in partnership with the ownership of 1501 Broadway announces over 23,000 square feet of leasing transactions representing the entirety of the first phase of the asset’s newly constructed prebuilt units. 1501 Broadway, known as The Paramount Building, recently completed a massive capital improvement plan, including a hospitality-focused prebuilt office program that has helped drive the continued leasing momentum. Newmark Executive Managing Director Matthew Leon, Senior Managing Director Stephen Gordon and Associate Director Nathan Kropp are the exclusive leasing advisors for the property. North Plainfield, N.J.-based Levin Management Corporation (LMC) and Manhattan-based Rosemark Management serve as owner representatives for The Paramount Building.
“Ownership was successful in leasing these units by constructing stunning, high-quality amenitized prebuilt units to accommodate the needs of today’s workforce, ” said Gordon. “We expect continued robust leasing to a diverse array of tenants due to the property’s new design focused prebuilt suites, extensive upgrades and superior location right in the heart of Times Square.”
With the successful lease-up of these units, ownership has already begun construction of the second phase of prebuilt suites, which will deliver this Summer and can accommodate tenants seeking 3,000 – 15,000 RSF. The building also has a 40,000-square-foot space encompassing the entire third-floor, offering direct access from the lobby and unparalleled views of Times Square with oversized windows and 200 feet of direct frontage on Broadway.
The recently completed transactions—all of which were for prebuilt units—include:
- Broadway and event technology company, Today Tix, leased a 9,567-square-foot suite for their new headquarters
- Life Science technology company, TandemAI, leased a 7,634-square-foot suite for their U.S. headquarters
- Broadway producer Christine Schwarzman’s company, No Guarantees, leased a 2,791-square-foot suite
- Real estate investment firm, Bridgerock Capital, leased a 3,325-square-foot suite
In addition to the recent transactions with TodayTix and No Guarantees, the building has a long history of attracting high-quality entertainment and Broadway-related tenants, including current tenants Adventureland, Nederlander Organization, Dramatist Guild, the Producers Guild, RPM, Ken Davenport and Second Stage Theater, among many others.
1501 Broadway’s landmarked exterior is known for its four-faced clock topped by an ornamental glass globe and its iconic marquee facing Times Square. The newly unveiled $50 million capital improvement project includes a brand-new lobby that was relocated from Broadway to 43rd Street, new windows throughout the building, new elevators and escalators, upgraded common corridors, restrooms and the installation of Macchiato Espresso & Wine Bar as a food, beverage and lounge amenity for tenants. The property also features fully leased retail spaces to various food purveyors, including Brooklyn Deli, Raising Cane and Taco Bell, which cater to property tenants and area workers.
Built in 1926 by Paramount Pictures for its East Coast headquarters, this 32-story, newly renovated landmarked office tower in the heart of Times Square marries the Golden Age of Hollywood with modern appeal. The Paramount Building is one of the most accessible buildings in Manhattan—providing access to 16 subway lines and a short walk from Pennsylvania Station, Port Authority and Grand Central.
According to Newmark Research, Midtown leasing velocity totaled 5.5 million square feet during the first quarter of 2022, an increase of 47.5% from the first quarter of 2021.
TodayTix was represented by Jamie Katcher and Sebastian Infante, formerly of C&W, now with Raise. TandemAI was represented by Brett Maslin of Adams & Company Real Estate.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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