CBRE Group, Inc. today announced that VCS Group, LLC (Vince Camuto) signed a new lease at 1407 Broadway for 42,748 square feet. The firm is consolidating at the building from two Midtown locations, 148 West 37th Street and 141 West 36th Street.
CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Ben Fastenberg, Keith Caggiano and Ross Zimbalist represented owner Shorenstein Properties.
“VCS was looking to consolidate its operations onto a large, single floor to facilitate collaboration among colleagues,” said Mr. Turchin. “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.”
The building is finalizing a $30 million renovation that includes a new lobby, upgrades to the façade and elevators, and new retail tenants Mighty Quinn’s, Wichcraft, Dig Inn, Num Pang, Juice Generation, Gregory’s Coffee and Luke’s Lobster.
VCS will be occupying the partial third floor for a term of ten years, and will move into its new space in the spring of 2018. They were represented by Jeffrey Rosenblatt of Coldwell Banker Commercial Advisors.
Serving as a hub of technology and creativity, 1407 Broadway is a dynamic, collaborative office and retail destination for market-leading firms. Boasting flexible floor plates with expansion opportunities, 12-foot slab-to-slab ceilings and unmatched views, the highly accessible location provides an ideal setting in the heart of Manhattan. Occupying a full blockfront between 38th and 39th streets, the 1.1-million-square-foot tower is at the epicenter of an area currently undergoing a rebirth—with Bryant Park, Penn Station and Times Square just a short walk away, 1407 Broadway offers the premier work and play home.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 62.6 million square feet in transactions with a gross investment value in excess of $14.9 billion.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
