MAQE rendition of renovated 120 Broadway

NEW YORK CITY—In early 2018, Silverstein Properties will begin the redesign of the entrance, lobby, and elevators of the landmark building, which was originally constructed for the Equitable Life Insurance Company. The 40-story, statuesque, downtown tower houses a mix of tenants, such as the New York attorney general's office, Macmillan Publishers, Beyer Binder Belle Architects & Planners, the World Trade Center Association and ALM—parent company of Globest.com. When it opened in 1915, it was the largest office building in the world.

“120 Broadway is unique and irreplaceable,” says Larry A. Silverstein, chairman of Silverstein Properties, Inc. “Our plan is to restore and refine the building's unique architectural features, and also update the property and its services for tenants. We want to create a 21^st century workplace with a distinct Downtown New York character.”

The building currently showcases an elegant, cream-colored lobby with delicate floral and gold leafing details, and vaulted ceilings. Under the $50 million capital improvement plan, Beyer Binder Belle will return the entrance and lobby to their original design.

At the building's front entrance on Broadway, the dark Indian green marble that currently fills the 34-foot arch above the doorway will be replaced with a bronze grille over glass. Modeled from the entrance's original design, this renovation will allow more natural light to fill the lobby. The revolving doors will be redesigned with bronze finishes.

Additional upgrades will include a new lighting system with hanging bronze fixtures that will accentuate the lobby's high ceilings, a granite accent wall and a new reception desk, echoing the bronze grille pattern.

Silverstein Properties will renovate the elevator lobbies, reviving their original early twentieth century look and feel, when 120 Broadway was the world's first office building to offer elevator passenger service. The bronze grille leitmotif will replace the grey metal plates in the elevator banks and LED panels will be placed above each elevator door to add lighting to the area. In addition, new elevator cabs will be installed.

The lobby's retail space will be expanded to add more shops. Silverstein Properties will create additional amenity spaces including a rooftop terrace, an exclusive tenant lounge and a new bikeroom.

The stairways and corridors that provide interior subway access will be renewed, with installations of murals depicting historical images of the building. As for new high tech additions, the security system will be modernized for streamlined entry into offices.

A Silverstein Properties spokesperson tells GlobeSt.com the building is currently 94% leased with a 6% vacancy. Industry sources tell GlobeSt.com that current asking rent is in the mid-50s per square foot. When asked about anticipated increases to value and rents, the spokesperson noted whenever a building is improved, value is added. As for accommodations for tenants during the construction, Silverstein Properties does not anticipate disruptions.

The lobby's retail space will be expanded to add more shops. Silverstein Properties will create additional amenity spaces including a rooftop terrace, an exclusive tenant lounge and a new bikeroom.

Instant Insights /

Silverstein Properties to Renovate the Equitable Building

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