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January 6, 2010 
 
 
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PROJECT BROADWAY

How did you spend your holidays? We’d love to run a few pictures of local real estate-types in exotic locales. You know, like New Jersey. Send photos of your vacations, staycations, and other fun activities (with a description) for inclusion in Bisnow!

 

The $475M refinancing of SL Green’s Viacom Building and seeing Ryan Seacrest aren’t the only recent exciting happenings on Broadway. Did you know that Project Runway’s November ‘09 finale was taped at one of the street’s fashion centers?

 
Kaufman Org partner Michael Heaner
The man who helped make it happen (and not a bad dresser himself): Kaufman Org partner Michael Heaner, who leases 1407 Broadway. The building saw over 300k SF in deals in ’09 and its location in the Garment District led to most of them being industry-related tenants. He tells us Project Runway chose the building as the design center for its finale, occupying the space for six weeks last January through February. After the show transformed the 12k-SF space, he says he didn’t even recognize it. The deal is in line with the building’s focus—renting out-of-the-box and short-term space for tenants.
Michael Heaner with photoshopped images of Heidi Klub and Tim Gunn
Since the location was under wraps until the show aired, we weren’t able to drop by and see the space—but we imagine this is what hanging out with Heidi Klum and Tim Gunn would have looked like (and no, Mike didn’t get a chance to meet them). Many tenants attracted to 1407 need flexibility, as they don’t know their long-term requirements, he says. One of its recent leases, women’s wear designer Michelin Star, took 3.7k SF for four years. Availabilities in the 1.1M-SF building range from 1.5k to 40k SF, including the 9k-SF fourth floor with a huge, walkable terrace.

1430 B'WAY FLASHES NO VACANCY
 
Newmark Knight Frank’s Rick Kramer and Ken Kronstadt

Across the street, at 1430 Broadway, L’Occitane is now the lucky leaseholder of a rare, 21k-SF space with a private escalator. We dropped by to visit Newmark Knight Frank’s Rick Kramer and Ken Kronstadt, who told us of other leases there: Twin America—the combined company of CitySights and Gray Line tour buses—took 10.8k SF and insurance firm Garber Atlas Fries & Associates nabbed an additional 4k SF on the 5th floor, bringing the total space recently leased in the Times Square South building to 60k SF and leaving almost no vacancy yet again.

1430 Broadway
Space doesn’t appear often. When tenant Hartmarx left the second floor last year, it was the first substantial vacancy since ’06. There’s only 3.6k SF available now, but more may soon open, and attracted tenants have already been calling, they say. The building features all-side lighting on tower floors, nearby access to 12 subway lines, and a fourth-generation owner with low overhead. They’re working with architect George Hatkoff to build out new tenants’ space, while L’Occitane is constructing a prototype store on the second floor to train new employees. Fun fact: it’s only the third tenant to reside on the floor since the building’s ’55 completion.

MACK-CALI NABS LARGE RENEWALS

 
5 Sylvan Way, Parsippany

Across the Hudson, Mack-Cali’s Parsippany properties have been ripe with leasing activity—and three Interpublic Group subsidiary companies have just signed lease extensions until ’22, totaling nearly 125k SF. The leases are: Integrated Communications’ 43.1k-SF renewal at 5 Sylvan Way (above, part of the Mack-Cali Business Center, which won BOMA New Jersey’s ’09 TOBY award); Pace LLC’s 19.6k-SF renewal at 35 Waterview Blvd, and Torre Lazur Healthcare Group’s 61.9k-SF renewal at 20 Waterview Blvd. The three tenants were repped by Jones Lang’s Scott Panzer and Robert Romano, while Diane Chayes repped Mack-Cali in-house.


UPCOMING EVENTS

January 12 - REBNY Commercial Seminar 8am-10am - 570 Lexington Avenue - REBNY Mendik Education Center - Registration Required; members only

New year, new stories! Send transactions, trends, and event invites to amanda@bisnow.com

 
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