Design firm inks Tribeca deal.
408 Broadway has reached full occupancy with the signing of global design firm IDEO as its latest tenant, said Justin DiMare of Newmark Grubb Knight Frank.
IDEO will relocate from 451 Broadway to the top two floors of the five-story, 75,100 s/f Tribeca building, which was made possible by negotiating an early lease termination with existing tenant, Spin Media.
The transaction completes a building repositioning that started in 2011, when United American Land (UAL) acquired the vacant property's defaulted mortgage and deed in lieu of foreclosure. Since then, DiMare, who represented UAL in the 2011 acquisition, has acted as leasing agent and completed a total of 58,000 square feet in new leases to reach zero vacancy.
"This deal continues the trend of creative and technology firms seeking loft product within downtown's vibrant, 24/7 neighborhoods," said DiMare.
IDEO was represented by Michael Higgins and Mitti Liebersohn of Jones Lang LaSalle. Spin Media was represented by Phil Amarante of Colliers International. Mr. DiMare serves as leasing agent for United American Land.