By Corina Stef
Shorenstein Properties has signed a 42,748-square-foot, 10-year lease at its Midtown Manhattan 1407 Broadway. The tenant is luxury retailer Vince Camuto-owned VCS Group LLC, which plans to concentrate its 148 W. 37th St., and 141 W. 36th St., offices into one location, occupying part of 1407 Broadway’s third floor by next spring. CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Ben Fastenberg, Keith Caggiano and Ross Zimbalist represented Shorenstein in the transaction, while Coldwell Banker Commercial Advisors’ Jeffrey Rosenblatt acted on behalf of the tenant.
“VCS was looking to consolidate its operations onto a large, single floor to facilitate collaboration among colleagues. They were attracted by the building’s loft-like feel and incredible sightlines. This deal underscores the desirability of big, efficient floor plates and 1407 Broadway’s ability to attract high-quality, global brands and companies,” Turchin said in a prepared statement.
$30 million makeover
According to Yardi Matrix, the 1.1 million-square-foot, 43-floor tower comprises nearly 1.1 million square feet of office space and 22,000 square feet of retail space. The asset was constructed in 1950, and recently underwent a $30 million renovation, featuring a new lobby, improved façade and elevators, exposed ceilings, plenty of natural light and flexible floor plates. Shorenstein bought the office property in May 2015 from Lightstone for $330 million. Located in Manhattan’s Garment District, the property is close to Bryant Park, Penn Station and Times Square, providing tenants with easy access throughout the entire area. Notable tenants include Mighty Quinn’s, Luke’s Lobster, Capital One, IAM International Apparel and Num Pang.
Image via 1407 Broadway website