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CB Commercial leases up Garment Center Building.

CB Commercial leases up Garment Center Building

Just four months after CB Commercial (formerly Coldwell Banker Commercial) received the assignment of filling vacant space at 1370 Broadway, the garment center building is virtually 100 percent occupied.

CB Commercial has completed over 90,000 square feet of leasing at the 250,000-square-foot office building. is virtually 100 percent occupied.

Leases have been signed with two new tenants and an existing tenant has expanded to occupy an additional floor, reports Dave McClernon, the CB Commercial broker who spearheaded the marketing of 1370 Broadway.

The largest newcomer to the office building situated at Broadway and 37th Street is Rosenthal & Rosenthal, Inc., a factoring firm which provides financing for garment industry companies. The firm will occupy four floors, including the ground-level retail space -- a total of 49,738 square feet. Its move to 1370 Broadway is precipitated by the condemnation of its 30-year headquarters building, 1451 Broadway, under the Times Square Redevelopment plan, scheduled to begin later this year.

Espirit, the women's and children's apparel manufacturer, has also made a substantial new commitment to 1370 Broadway. The company will occupy the building's top two floors, totalling 28,562 square feet, in a relocation from 1407 Broadway.

The third recent transaction at 1370 Broadway involves an expansion by E.J. Gitano, one of the building's primary tenants. The apparel manufacturer will occupy an additional floor, 14,281 square feet. This brings Gitano's occupancy at 1370 Broadway to two and a half floors and 35,000 square feet.

The new leases consummated at 1370 Broadway have a combined aggregate value in excess of $30 million, according to McClernon. Owen Hane and Roy Appel of CB Commercial were also part of the leasing team for 1370 Broadway.

Dan Associates is owner of 1370 Broadway.

1370 Broadway has been undergoing major renovations and structural improvements to return the building to is original architectural style. These include a new lobby, enhanced elevators and upgraded facade, according to McClernon.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jun 19, 1991
Words:329
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