{"id":1004185926,"date":"2017-08-03T05:44:28","date_gmt":"2017-08-03T13:44:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185926"},"modified":"2022-12-07T19:07:02","modified_gmt":"2022-12-08T03:07:02","slug":"macmillan-leaves-flatiron-building-for-lower-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macmillan-leaves-flatiron-building-for-lower-manhattan\/","title":{"rendered":"Macmillan Leaves Flatiron Building for Lower Manhattan"},"content":{"rendered":"<p><em>By Barbra Murray<\/em><\/p>\n<div id=\"attachment_1004185929\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004185929\" data-attachment-id=\"1004185929\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/macmillan-leaves-flatiron-building-for-lower-manhattan\/120-broadway-new-york-city\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D90&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1211293488&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;14&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"120 Broadway, New York City\" data-image-description=\"&lt;p&gt;120 Broadway, New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;120 Broadway, New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg?w=800\" class=\"wp-image-1004185929 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg\" alt=\"120 Broadway, New York City\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/120-Broadway-New-York-City.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004185929\" class=\"wp-caption-text\">120 Broadway, New York City<\/p><\/div>\n<p>Silverstein Properties has reeled in a new tenant at 120 Broadway in Lower Manhattan. The REIT secured a commitment from Macmillan Publishers to take 261,000 square feet at the 1.9 million-square-foot, downtown office tower. The deal leaves the property 96 percent leased.\u00a0<\/p>\n<p>Macmillan\u2019s 20-year lease at 120 Broadway paves the way for the global book publishing company\u2019s move from Midtown South to downtown. <em>\u201cThe Manhattan market is strong and downtown is leading the way,\u201d<\/em> Joseph Artusa, senior vice president, leasing, with Silverstein Properties, told <em>Commercial Property Executive<\/em>. <em>\u201cThis neighborhood has a great mix of brand-new and older office space for all kinds of tenants.\u00a0It is also close to where many young, creative people live, including Brooklyn, the New Jersey waterfront and Lower Manhattan. This is becoming an important factor as companies compete for talent.\u201d<\/em><\/p>\n<p>Macmillan picked distinguished digs for its new home. A National Historic Landmark built in 1915, 120 Broadway holds the distinction of having been the largest office building in the world when it made its debut a century ago. In 2007, Silverstein spruced up the Ernest R. Graham-designed property, also known as the Equitable Building, with a $60 million renovation. Macmillan will set up shop on floors 22 through 26 of the 40-story tower, bringing employees form several locations under one roof.<\/p>\n<h2><strong>Lower Manhattan\u2019s magnetism<\/strong><\/h2>\n<p><em>\u201cDemand for space in Lower Manhattan, particularly by relocating tenants, continues to show signs of strength,\u201d<\/em> Artusa said. <em>\u201cExamples of this activity are two of our recent leases\u2014Spotify at 4 World Trade Center, followed by Macmillan\u2014totaling just under 800,000 square feet of positive absorption Downtown.\u201d<\/em> Music streaming service <a href=\"https:\/\/www.commercialsearch.com\/news\/spotify-claims-remaining-sf-at-4wtc\/\">Spotify signed a lease<\/a> for approximately 400,000 square feet at 4 WTC, taking the last remaining square footage in the building.<\/p>\n<p>The numbers tell the story of the area\u2019s popularity. Leasing volume in Lower Manhattan in the second half of 2017 was higher than any six-month period in the last three years, with leasing having nearly doubled to roughly 3.7 million square feet from the second half of 2016, according to a report by commercial real estate services firm Colliers International. Colliers represented Macmillan in the lease transaction, while Silverstein relied on its internal leasing team.<\/p>\n<p>Macmillan will make the move from its space at Manhattan&#8217;s iconic Flatiron Building to 120 Broadway in early 2019.<\/p>\n<p><em>Image courtesy of courtesy of Silverstein Properties <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The publishing company will relocate to the 1.9 million-square-foot office tower at 120 Broadway, pushing the building\u2019s lease level to 96 percent.<\/p>\n","protected":false},"author":969,"featured_media":1004185929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,1600,21742,10,21747],"tags":[34034,32763,34035],"class_list":["post-1004185926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-4-world-trade-center","tag-colliers-international","tag-silverstein-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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