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NEW YORK CITY - The National Minority Supplier Development Council (NMSDC) has leased 14,000 square feet at W&H's 1359 Broadway for its national office, announces Brian Waterman, executive vice president and principal of Newmark Knight Frank, the building's managing and leasing agent.
The organization, which provides increased procurement and business opportunities for minority businesses of all sizes, is moving from 1040 Avenue of the Americas. Chartered in 1972, NMSDC has 3,500 corporate members in its network, and encompasses 39 regional councils across the country, in addition to its national office.
"NMSDC's move reflects the transitions in the Penn Plaza district, which is no longer strictly focused on the fashion industries and is attracting a very diverse range of tenants," says Mr. Waterman. "The area is now perceived simply as one of Midtown's most prominent general business hubs with unparalleled access to transportation. Recent deals at 1359 Broadway, including publicly-traded firms Equifax and Actimize, illustrate that same trend.
"The lease also speaks to the reputation of the property's ownership, which has a strong, stable financial track record," he adds. "High-profile tenants like NMSDC are attracted to the building because they understand the importance of the structure and ability of ownership to deliver on lease commitments, not only during construction, but also throughout the entire lease term."
Eric Yarbro of CB Richard Ellis represented NMSDC in the lease negotiations. Mr. Waterman represented the landlord, together with Michael Frantz of Newmark Knight Frank.
Located in the heart of the Penn Plaza District at 36th Street, and with a growing reputation as the crown jewel of the area, 1359 Broadway enjoys convenient access to the Long Island Rail Road, New Jersey Transit, Amtrak, the Port Authority Bus Terminal, PATH and fifteen subway lines.
The property, which recently won the Building Owners Association (BOMA) building of the year award, recently completed $54 million in upgrades, including a noteworthy ceiling restoration; a new lobby; new windows; new restrooms; a new HVAC system; upgraded building-wide systems; newer, faster elevator operating systems; new elevator cabs; and refurbished public corridors. The high-end pre-built program is one component of the upgrades, providing tenants with spaces that contain new ceilings, lighting, and flooring with efficient space layouts that are ready for immediate occupancy.
Available space at 1359 ranges from pre-built units of approximately 2,500 square feet to units of 13,079 square feet.
Part of the W&H Properties portfolio, 1359 Broadway is owned by Marlboro Building Associates LLC, a partnership led by Peter L. Malkin and Anthony E. Malkin.
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