Engineering firm takes 35K sf in Paramount Building

Asking rent for space was in the mid-$60s
January 28, 2016 09:30AM

Engineering firm Hardesty & Hanover has inked a 15-year lease for a space a few floors above its current office in the Paramount Building.

The infrastructure engineering firm will take up the entire sixth floor at 1501 Broadway, consolidating its space from its current digs on the third and fourth floors, the New York Observer reported. The firm has been a tenant of the building for more than 20 years.

The asking rent for the 35,000-square-foot space was in the mid-$60s per square foot. Avison Young’s Arthur Mirante, Michael Gottlieb, David Cohen and Thomas Hines represented the landlord, Levin Properties and other investors. Cushman & Wakefield’s Richard Bernstein and Cresa’s Eric Thomas represented the engineering firm in the deal.

Construction on the firm’s new space will begin in February. Meanwhile, the landlords are also currently doing $50 million in capital improvements on the building, which include replacing the building’s windows and elevators. [NYO]Kathryn Brenzel