By Gail Kalinoski
New York—JEMB Realty, which is repositioning 75 Broad St. in Manhattan’s Financial District with new pre-built units to attract more creative tenants, has retained Newmark Grubb Knight Frank as its leasing agent for the 35-story, 750,000-square-foot office property.
“We look forward to working with the NGKF team to bring this asset to the next level, serving creative tenants by providing flexible pre-built space in a dynamic neighborhood,” Morris Bailey, principal of Manhattan-based JEMB Realty, said in a prepared statement. “Our proximity to Stone Street, Battery Park and abundant mass transit positions the building as an ideal home for young and creative tenants.”
NGKF’s David Falk, president of the New York Tri-State region, and Hal Stein, executive vice president & managing director, along with Senior Managing Director Eric Cagner and Managing Director Todd Stracci will manage leasing for the building.
“The transformation of downtown Manhattan from the traditional financial district to a modern neighborhood with residential complexes, eateries, retail stores and evolving tenant rosters is drawing more and more businesses to the area,” Stein said in a prepared statement. “We look forward to meeting the high demand for space downtown with this high-quality office product.”
JEMB Realty purchased the building in 1999 and invested about $40 million in upgrades prior to November 2014, according to the Commercial Observer. One of the original office towers erected in the Financial District, it was built in the late 1920s as the headquarters of ITT Corp., an early telecommunications giant.
It was not disclosed how much JEMB Realty is spending now on the renovations but the firm said the repositioning project will include lobby enhancements and common space improvements, including corridors and bathrooms. The company is also constructing pre-built units ranging in size from 2,000 to 14,000 square feet to accommodate a variety of tenant requirements. The pre-built units, expected to be completed by early next month, will feature polished concrete floors, exposed ceilings, bistro-style kitchens and glass-fronted meeting rooms to maximize the building’s natural light.
JEMB Realty said it recently completed a post-Hurricane Sandy improvement program including installing new and relocated electrical switch gear, a new fuel system and flood gates. The firm said it undertook the improvements and upgrades in response to the impact of the 2012 hurricane that devastated the region, including parts of lower Manhattan. While re-assessing the property, it was able to make those improvements and also position the building as a premier net-centric data center with superior fiber connectivity and generator power.
The building, which also has retail on the ground floor and houses New York City’s Millennium High School on its upper floors, is located steps from the New York Stock Exchange. The neighborhood, which has become more residential in recent years, is still one of the city’s major tourist attractions and located near major transportation.
“The building’s access to several subway stations, including the J, Z, R, 2, 3 and 4, 5 trains and the Staten Island Ferry, make it one of downtown Manhattan’s most accessible buildings,” said NGKF’s Cagner.
JEMB is a privately held real estate development, investment and management company that focuses on commercial, retail, residential and hospitality assets throughout the United States and Canada. The family owned and operated company has numerous assets in its home base of New York City, including 150 Broadway, 866 Third Ave., Herald Center and Herald Towers. The firm is also building an office property in Brooklyn at 420 Albee Square. The 40-story, 475,000-square-foot tower–the first speculative ground-up office building in downtown Brooklyn in decades–will break ground later this year and be completed in 2018.