$54m Broadway renovation begins.

The $54 million capital improvement program at 1359 Broadway has officially launched.

"This is a complete, top-to-bottom overhaul," says Michael Frantz, director, Newmark & Company Real Estate, the building's managing and leasing agent. "It's exciting that the transformation has begun."

The first phase of the program is the renovation of the lobby. The new marble lobby will feature an arched entrance that follows the original design, and a ceiling restored to 1920s style. Fifield Piaker, the architectural firm, designed the lobby. MBI Group is responsible for its construction.

Other building renovations will include new windows; new washrooms; a new HVAC system; upgraded electrical systems; newer, faster elevator operating systems; new elevator cabs; and refurbished public corridors. The renovated 1359 Broadway should appeal to law firms, not-for-profit organizations, software companies and others seeking efficiency of space and lots of light; each floor features windows on all sides. "Word of the renovations has spread quickly throughout the industry," notes Mr. Frantz. "We leased over 75,000 square feet of space to new tenants even before the work started."

Part of the W&H Properties portfolio, 1359 Broadway is owned by Marlboro Building Associates LLC, a partnership led by Peter L. Malkin. Available space at 1359 ranges from 1,513 square feet to two full floors of 23,000 square feet each. There is one remaining retail space of 1,850 square feet available on Broadway.