Movie Advertising Company Inks 7,620-Square-Foot Lease at Landmark Manhattan Property, Home to Numerous Entertainment Industry Tenants
Avison Young, the world’s fastest-growing commercial real estate services firm, announced that Giaronomo Productions, a leading movie advertising and trailer production company, has signed a new long-term, 7,620-square-foot lease at 1501 Broadway. The Paramount Buildingis an iconic, 33-story office property located between 43rd and 44th streets in Manhattan, in the heart of the Theater District and Times Square.
Avison Young represented both the building owner and the tenant in the negotiations. The Avison Young team representing ownership includes Principal and Tri-State President Arthur J. Mirante, II, Principal Michael Gottlieb, Senior Director Anthony LoPresti, Director Matthew Hoffman, and Associate Joseph Gervino. Giaronomo Productions was represented by Principal Michael Leff and Associate Francis Santangelo, along with Principal Scott Steuber from the firm’s Los Angeles office.
“The Paramount Building remains a pre-eminent Manhattan destination for the entertainment industry, catering to the needs of numerous well-respected theater and film production companies,”Mirante said. “Once home to both Paramount Pictures and the Paramount Theater, this celebrated Midtown asset has a storied history with movie and theater-related tenants that continues to this day. This latest lease with Giaronomo Productions is further validation of the building’s allure with established entertainment industry companies;thiscomes on the heels of several prominent Broadway producers relocating to the building earlier this year, including Adventureland, Jeffrey Seller’s production company.”
Mirante continues, “The property is currentlycompleting an extensive $50 millioncapital improvement program that is adding state-of-the-art amenities to its historical charm, including replacing all of the windows and elevators, upgrading the common corridors and bathrooms, and a new multi-story Art Deco building lobby relocated to 43rd Street.We are proud Giaronomo Productions has joined the growing rosterat the Paramount Building and their long-term lease commitment is a clear vote of confidence in both the property and the Times Square neighborhood.”
Earlier this year, Avison Young arranged new leases for theater companies Adventureland, Aged in Wood Productions, and Davenport Theatrical Enterprisesat 1501 Broadway, joining the list of prestigious theater tenants already in the building, including Telsey + Co., the Nederlander Organization, Second Stage Theatre, Arielle Tepper Madover Productions and Boneau/Bryan-Brown.
Located in the heart of Times Square, 1501 Broadway offers an unparalleled location with easy access to transportation hubs, including The Port Authority, Penn Station, Grand Central Terminal and numerous subway lines.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
