NEW YORK CITY, NY – August 25, 2011 – (RealEstateRama) — Starbucks has taken the last remaining retail space at W&H Properties’ 1350 Broadway, completing the retail repositioning of the property, announces Anthony E. Malkin, president of Malkin Holdings, which supervises W&H Properties.
The famed coffee chain took 881 square feet on the ground level and 308 square feet on the mezzanine. Occupancy is slated for September.
“One of ownership’s objectives was to expand the 34th street shopping district to 35th street with destination retailers and high quality amenities,” says Mr. Malkin. “Today, 1350 Broadway reflects this success – our retail tenants include flagship stores for Duane Reade and Banco Santander, and a newly renovated HSBC branch. Starbucks replaces a small furniture retailer, and will complement our retail collection and provide a key amenity for the new, quality tenants in our Pre-War Trophy 1350. We are embarking on the same program with even bigger retail opportunity across the street at 1333 Broadway.”
Founded in 1971 in Seattle, Starbucks today has more than 17,000 retail stores in more than 50 countries.
David Firestein of Northwest Atlantic represented Starbucks in the lease negotiations. Andrew Goldberg, Eric Gelber and Matthew Chmielecki represented the landlord.
Situated on the north side of Herald Square in the Penn Plaza district, across from Macy’s flagship location, 1350 Broadway contains 25 stories and more than 400,000 square feet of modern office space. It offers unsurpassed access to transportation, and is just steps from the Long Island Rail Road, Metro North, New Jersey Transit and Amtrak at Penn Station, Port Authority, PATH, 15 subway lines and all major bus lines.
The building recently completed a $53 million upgrade program that includes a new lobby, renovated elevators, a new roof and façade, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War Trophy office portfolio, the building is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space at 1350 Broadway ranges from the entire 23rd floor, totaling 11,075 square feet, to the W&H portfolio standard, high-end pre-built units from 3,100 to 6,600 square feet, and units available for immediate occupancy from 1,000 square feet.
Broker commissions are paid in full upon lease signings.
Contact:
Rachel Antman, David Grant, LVM Group Inc.
(212) 499-6570; (212) 499-6565
Rachel (at) lvmgroup (dot) com; David (at) lvmgroup (dot) com
