Harbor Group International’s 55 Broadway has seen significant leasing activity in the past six months, securing 77,000 square feet of new commitments and renewals. Notably, several new tenants are relocating from buildings slated for residential conversion, highlighting a growing trend in Lower Manhattan’s office market.
Key Takeaways
- 55 Broadway has leased 77,000 square feet in the last six months.
- New tenants are moving from properties planned for residential conversion.
- Existing tenants have also renewed leases and expanded their spaces.
- The building is well-positioned to benefit from a tightening office supply.
Robust Leasing Activity
CBRE has facilitated several office leases totaling 77,000 square feet at 55 Broadway over the last half-year. Among the recent new tenants are AFS Intercultural Programs, Argus Research Group, Axon Health, and Meaden & Moore. This influx of new businesses complements the lease renewals and in-building expansions secured from existing tenants such as Summit Management, 1000 Heads, Syscom, and Rozario Touma.
Strategic Relocations Amidst Market Trends
A significant aspect of the recent leasing success is that the four newest tenants are relocating from office properties that have future plans for residential conversion. This trend is becoming increasingly prevalent in Lower Manhattan, where developers are repurposing office spaces for housing.
A Benefit of Supply Constraints
Cordelia Meserow, VP of Asset Management at Harbor Group International, commented on the building’s strong performance. "55 Broadway experienced incredible leasing activity over the last six months with new commitments, renewals, and expansions all taking place within this Financial District gem," stated Brad Gerla of CBRE. Meserow added, "With residential conversions and very little new development in the area, high-quality, well-located office buildings like 55 Broadway are only set to benefit from an increasingly supply-constrained submarket."
The CBRE team, including Brad Gerla, Jonathan Cope, and Hayden Pascal, represented the ownership, while Cordelia Meserow assisted from Harbor Group International, which has owned 55 Broadway since 2014.