Versatile workplace house supplier Industrious has signed a lease extension and growth for its house at 860 Broadway in Manhattan, bringing its footprint on the property to 27,630 sq. ft throughout two flooring.
The agency beforehand occupied 13,815 sq. ft at Gordon Properties’ constructing. Cushman & Wakefield brokered the deal on behalf of Industrious, whereas JLL represented the owner.
Initially inbuilt 1884 and renovated in 1926, 1979 and 2019, the historic property rises six tales and spans 84,000 sq. ft. On the bottom ground, 860 Broadway additionally contains greater than 11,000 sq. ft of retail house. Industrious plans to additional develop on the property as soon as a fifth-floor addition is accomplished within the first quarter of 2025, as reported by Business Observer.
The historic constructing as soon as served as one in all Andy Warhol’s manufacturing facility studio and artist hangout areas. In December, fintech firm Valon Applied sciences leased 13,815 sq. ft on the property. The asking worth on the time was $68 per sq. foot. Kaltura and Selldorf Architects are additionally on the tenant roster, based on CommercialEdge knowledge.
Situated throughout the Flatiron submarket, 860 Broadway is adjoining to Union Sq. Park. It’s also inside strolling distance of the Union Sq. transit hub.
Manhattan’s workplace market softens
Cushman & Wakefield Managing Administrators Justin Halpern and Edward Wartels, together with Advisor Benjamin Bouganim represented Industrious within the transaction. JLL Government Vice President Seth Hecht and Affiliate Thomas Swartz labored on behalf of Gordon Properties.
As of March, asking charges in Manhattan clocked in at $71.3, representing a 3.9 p.c year-over-year lower. Regardless of the drop, the market stays the priciest within the U.S., based on a latest CommercialEdge report. The emptiness price within the borough stood at 17.6 p.c, up 1.1 p.c year-over-year, whereas staying under the 18.2 p.c nationwide common.
