GFP Real Estate and BDT & MSD Partners have announced significant leasing activity at 1540 Broadway, securing over 74,000 square feet in new long-term office leases. These deals with Pandora Jewelry and Woori Bank New York Agency come as the 907,000-square-foot property undergoes a major renovation led by Fogarty Finger.
Key Takeaways
- Pandora Jewelry expands its footprint to 55,872 square feet.
- Woori Bank New York Agency will relocate its operations to the building.
- The leasing success coincides with ongoing renovations at 1540 Broadway.
Pandora Jewelry’s Expanded Presence
Pandora Jewelry, LLC has committed to a substantial expansion at 1540 Broadway. The company signed a long-term lease for the entire 34th floor, encompassing 27,936 square feet. In addition to this new space, Pandora has also extended its lease for its existing 27,936 square feet, bringing its total occupancy to 55,872 square feet. Pandora is expected to move into its expanded premises in August. JLL’s Dan Posy represented Pandora in this transaction.
Woori Bank Relocates to 1540 Broadway
In another significant deal, Woori Bank New York Agency has inked a 20-year lease for the full 38th floor, which measures 18,553 square feet. The Korea-based bank will be relocating its New York operations from its current location at 245 Park Avenue. Occupancy for Woori Bank is anticipated to begin in May. Charles Han and Douglas Levine of Newmark represented Woori Bank in securing this new lease.
Landlord Representation and Property Renovation
Both transactions were facilitated with the landlord represented by a team from JLL, including Clark Finney, Frank Doyle, Carlee Palmer, and Michael Pallas, along with Allen Gurevich of GFP Real Estate. The new leases underscore the ongoing progress and appeal of 1540 Broadway, particularly as it undergoes a comprehensive renovation project led by Fogarty Finger.