Two Soho Office Blocks Hit Market

NEW YORK CITY—A total of approximately 134,000 square feet of office space at the neighboring 520 and 524 Broadway buildings are now being marketed for lease.

The office buildings, owned by Propp Cos., are undergoing lobby renovations, and significant upgrades to the elevator cabs and building systems, according to Cushman & Wakefield, which has been named exclusive leasing agent for the properties.

The C&W team of Bruce Mosler, Mark Mandell, Ethan Silverstein, Susan Clayton and Whitney Anderson are handling the assignment.  Tenant interest in the availabilities at 520 and 524 Broadway is expected to be very high considering Manhattan's Midtown South submarket has an office vacancy rate of 6.6% and has been the tightest Central Business District in the nation for several years. The area is popular among media and technology companies, and on the retail side boasts trendy upscale boutiques, as well as national and international retailers.

“520 and 524 Broadway are two fantastic buildings that offer premier office space in one of the most desirable locations in Manhattan,” says Mosler, Cushman & Wakefield's chairman of global brokerage. “The Soho neighborhood in Midtown South features incredible shopping and dining, with convenient access to major transportation, creating an ideal work-play environment.”

520 Broadway is an 11-story office building that features a total of 44,000 square feet of office space. The three-level retail space in the building recently became home to Michael Kors' flagship store.

524 Broadway is an 11-story office building, with a total of 90,000 square feet of office space available for lease. Tenants in the building include Corcoran and women's clothing retailer Aritzia. 520 Broadway will be available for move-in this fall, while 524 Broadway will be available in early 2016.