X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The nearly 439,000-sf Marlboro Building, originally constructed in 1924, will undergo a $53-million facelift. The project will touch all areas of the site including the lobby, windows and elevators.

Public corridors throughout the 21-story Garment District site will be redone; there will be a new lobby and entrance, complete with marble floors and walls and a new concierge desk. In addition, the elevator cabs and mechanical equipment will be modernized and the building’s mechanical systems will be upgraded to allow for additional electrical capacity. Other items on the to-do list include putting in new windows, new washrooms, a new HVAC system and new mechanical and safety systems. The site will also feature a pre-built space program that includes new ceilings, lighting and flooring and for what W&H calls “highly-efficient space layouts.”

The renovation, which is expected to be completed by the end of the year, comes on the heels of two major lease signings. First up, vertical software company i-Deal inked a long-term deal for 46,000 sf of space at an asking price of $35 per sf. And Redeemer Presbyterian Church will move its offices from different floors at 271 Madison to 23,000 sf, which represents the entire floor. Newmark & Co. serves as the managing and leasing agent for the site. Eric Yarbro, senior vice president at CB Richard Ellis, repped the church in the negotiation process.

“Redeemer was attracted by the opportunity to lease a large block of space in a building about to undergo a major restoration,” Yarbro says, adding that they also liked the fact that they will be able to house all their offices and operations on one floor, as opposed to five in their current location.

Marlboro Building Associates LLC, a partnership led by Peter L. Malkin, owns 1359 Broadway.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.