JEMB Realty Inks New Leases at Historic Manhattan Tower

75 Broad St. Image courtesy of CommercialEdge

JEMB Realty Corp. has signed three leases totaling 32,000 square feet at 75 Broad St., a 720,000-square-foot, Class A historic office tower in Downtown Manhattan.

Marketing agency Gallegos United signed up for 14,000 square feet on the 19th floor of the building. The firm has already relocated from its previous headquarters in the Flatiron District. Branding and graphic design agency GHD Partners has also moved in and will perform its operations across 5,000 square feet on the 27th floor, while healthcare company Modivcare signed a 13,000-square-foot lease on the sixth floor, with move-in planned for the third quarter of this year.

According to a recent CommercialEdge report, vacancy across leading office markets of the Northeast remained mostly in the teens at the end of 2022, with Brooklyn reaching the highest rate, at 19.1 percent. Meanwhile, the average vacancy rate in Manhattan experienced the quickest growth in the region, increasing by 2.4 percent year-over-year, reaching 15.2 percent.

A reimagined office tower

Completed in 1928 and designed by Buchman & Khan for the International Telephone & Telegraph headquarters, the 34-story tower was one of the first high-rises in Lower Manhattan. Following JEMB’s acquisition in 1999, the office building underwent a full revamp in 2001 and cosmetic renovations in 2014, CommercialEdge reveals.

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The latest upgrades and restorations by MdeAS Architects included the renovation of the lobby with the preservation of original light fixtures and marble finishes, refurbishment of the chandelier, a new design focus on the murals, restoration of the marble walls, as well as the replacement of the lobby desk.

In the beginning of 2023, JEMB and NYI announced a strategic partnership to revive 75 Broad St. as a hub for interconnection. The goal is to meet the increasing need for interconnection and reliability in New York City by providing a tenant-friendly environment and utilizing the abundant telecom infrastructure of the property. NYI will serve as a strategic operating partner, taking charge of sales, business development, marketing, as well as customer success for digital infrastructure and interconnection initiatives at the building.