Dance group beats the odds and finds perfect Broadway space.
Broadway Dance Center will occupy the entire third floor, which will be delivered raw, for a term of six-and-a-half years. The tenant also has an option to extend the lease for an additional three years. The studio is relocating from 221 West 57th Street.
Broadway Dance Center was represented by Marcus Rayner, principal, and Edward Wartels, assistant vice president of CRESA Partners. Daniel Katcher of Newmark Knight Frank represented Thomson-Technicolor, and Christel Engel of GVA Williams represented the building owner.
"The tenant was searching for space in or near Broadway's theater district, which is the most convenient location for many of its students, and it needed to secure a lease by the end of the year," said Rayner. He added, "It was extremely challenging trying to find the right space. Facilities that would have been suitable for a dance studio in the past have been converted to office use, and rents have skyrocketed, particularly in midtown near Times Square."
"Thomson-Technicolor recognized Broadway Dance Center's unique needs, and worked closely with the building owner and BDC to secure terms that worked well for all parties," noted Katcher.
According to Diane King, studio director of Broadway Dance Center, "Our new space, which is in the heart of the theater district, is a perfect match because it will allow us to take all that is the essence of BDC with us. It's a great neighborhood with abundant public transportation, fabulous restaurants and hotels, easy parking, and, of course, all the Broadway shows."
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|Publication:||Real Estate Weekly|
|Date:||Jan 10, 2007|
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