NEW YORK CITY-Not quite six months after bulking up its office presence at Monday Properties’ 1440 Broadway by 56,242 square feet, Macy’s Inc. has found another 10,000 square feet to grow into there. The Cincinnati-based retailer will now occupy more than 170,000 square feet at the 743,000-square-foot office building, which is 100% occupied.
“Macy’s latest expansion at 1440 Broadway follows our core approach to supporting each tenant’s business,” Monday COO Brian Robin says in a release. “Monday Properties identified an off-market growth opportunity for Macy’s that allowed the tenant to make a smart real estate decision without the need to look anywhere else.”
CB Richard Ellis vice chairmen Scott Gottlieb and Michael Laginestra represented the retailer, as they had in January when Macy’s added 56,242 square feet to accommodate growth in its e-commerce operations. Jordan Berger provided in-house representation for Monday Properties. A spokesman for the landlord tells GlobeSt.com that both the 10,000-square-foot expansion announced Tuesday and the larger one earlier this year are conterminous with the original lease.
Lease terms were not disclosed; asking rents for comparable properties along Broadway are in the mid-$40 range. Monday Properties has owned the 25-story 1440 Broadway since 2002. In addition to Macy’s Inc., which has been a tenant since 1983, other leading companies with offices there include Liz Claiborne and Mizuho Capital Markets.
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