Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The nonprofit National Minority Supplier Development Council is taking 14,000 square feet in a 10-year lease at 1359 Broadway for its national headquarters. NMSDC will relocate from 1040 Ave. of the Americas next spring. Lease terms were not disclosed; published reports say asking rent was $56 per square foot.

“NMSDC’s move reflects the transitions in the Penn Plaza district, which is no longer strictly focused on the fashion industries and is attracting a very diverse range of tenants,” says Brian Waterman, the building’s leasing and managing agent, in a release. Waterman, EVP and principal of Newmark Knight Frank, adds, “The area is now perceived simply as one of Midtown’s most prominent general business hubs with unparalleled access to transportation. Recent deals at 1359 Broadway, including publicly-traded firms Equifax and Actimize, illustrate that same trend.”

Another factor was the repositioning program at 1359 Broadway. A spokeswoman for landlord W&H Properties tells GlobeSt.com the $54-million capital improvements program at the property played a key part in attracting NMSDC to the 22-story, 478,836-square foot office tower, located between 36th and 37th streets.

Launched in late 2004 and completed last January, the improvements include a new lobby, new windows, a new HVAC system and upgraded building-wide systems. The upgrade program also includes pre-built office units ranging from 2,500 square feet to 13,079 square feet. The W&H source says NMSDC did not lease one of the pre-built spaces.

Chartered in 1972, NMSDC helps link minority-owned businesses with corporate clients. It has 3,500 corporate members in its network, and encompasses 39 regional councils across the country, in addition to its national office.

SVP Eric Yarbro of CB Richard Ellis represented NMSDC in the lease negotiations, while Waterman and his Newmark colleague, director Michael Frantz, represented the landlord. The property is owned by Marlboro Building Associates LLC, a partnership led by Peter and Anthony Malkin.

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?


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.