Signature Bank has more than doubled its footprint at 1400 Broadway, adding 168,310 square feet to its existing 111,872 square feet in the building owned by Empire State Realty Trust. Empire Realty is a leader in energy efficiency and indoor environmental quality, boasting the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City – thanks to its investment in MERV 13 filters and active bipolar ionization technologies.
Following the closing of this new, 15-year lease, the New York-based bank will pay an asking rent of roughly $67 per square foot for a total of 280,182 square feet of Manhattan office space spread across 10 floors. The tenant roster also includes the likes of IPG and Burlington Coat Factory, as well as French skincare company Clarins, which recently leased 15,000 square feet in the 37-story building.
Michael Cohen, Andrew Roos and Howard Kaplowitz of Colliers represented Signature Bank throughout the negotiations, while Ryan Kass handled the transaction in-house for the landlord. Kass was assisted by a Newmark team comprised of Scott Klau, Erik Harris and Neil Rubin.
“Signature Bank’s expansion and lease extension are a testament to the market’s general flight to quality and the value proposition of 1400 Broadway,” said Thomas P. Durels, executive vice president of real estate at Empire State Realty Trust. “Signature Bank will continue to benefit from unparalleled customer service and superior indoor environmental quality measures for a confident return to office.”
The work of architect Jacques Kahn and originally built in 1930, the property at 1400 Broadway was completely renovated in 2010. Specifically, the project included a newly designed lobby by architect Fifield Piaker Elman; two new concierge desks with 24/7 security; and upgrades to the lighting, HVAC, elevators, and plumbing and electrical systems; as well as the installation of new windows.
Situated between West 38th and West 39th streets, the property offers easy access to the Port Authority Bus Terminal, Grand Central Terminal, the PATH, and Penn Station, as well as Grand Central Terminal and several subway lines.