A lease now in play on Broadway
December 9, 2014

The operating lease for the 1.1 million-square-foot office building at 1407 Broadway is up for grabs — and could garner more than $330 million, or over $300 per square foot.

The 43-story building has entrances on Seventh Ave. and on Broadway, where it has the full western blockfront between West 38th and West 39th streets.

According to Woody Heller, who heads the capital markets group at Savills Studley, both the master lease controlled by Abraham Kamber & Co. and the operating sublease controlled by David Lichtenstein’s Lightstone Group are being sold. Solil Management owns the ground and gets the undisclosed rent payments.

“There are a lot of opportunities to reposition the building and maximize its underlying value in a market which is enjoying a renaissance and is expanding to welcome the tech, Internet, media and advertising industries,” said Heller.

The Savills Studley team marketing the building includes Will Silverman, Eric Negrin and Daniel Parker.

A lease now in play on Broadway

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