The Real Deal New York

Gap takes office at NY REIT’s 1440 Broadway

Clothing retail giant signs up for 34K sf at Midtown office building

June 08, 2015 01:15PM

1440 Broadway

1440 Broadway in Midtown (inset: Michael Happel)

Gap is taking 34,000 square feet at New York REIT’s 1440 Broadway office building in Midtown, the real estate investment trust announced.

The clothing retailer signed a 10-year lease at the 25-story, 749,000-square-foot building, located between West 40th and West 41st streets. The lease increases the building’s occupancy to 96.7 percent from 92.1 percent, New York REIT CEO Michael Happel said in a statement.

David Falk, Eric Cagner and Jason Greenstein of Newmark Grubb Knight Frank represented the landlord in the deal, according to the New York Observer.

Current building tenants include Razorfish, Advance Finance Group, Fifth & Pacific and Mizuho Capital Markets. CVS inked a lease for 22,000 square feet at the building in April.

New York REIT and parent company American Realty Capital acquired the office building from Rockpoint Group and Monday Properties for $529 million in 2013m, as The Real Deal first reported.

Read about the rise and fall of former American Realty Capital executive chair Nicholas Schorsch, who resigned in December. [NYO]Rey Mashayekhi