Social service union inks 15-year lease at Paramount Building

Local 371 will take 22K sf on the fourth floor

TRD New York /
Oct.October 11, 2017 08:30 AM

1501 Broadway and Local 371 President Anthony Wells

Social Service Employees Union (SSEU) Local 371 just inked a 15-year lease at The Paramount Building On Broadway.

The union plans to take 22,063 square feet on part of the fourth floor of 1501 Broadway, the Commercial Observer reported. The asking rent for the space was in the mid $50s per square foot.

Avison Young’s Arthur Mirante, Anthony LoPresti, Michael Gottlieb, Joseph Gervino and Matthew Hoffman represented the landlord, Paramount Leasehold, in the deal. Paramount is a partnership between Levin Properties, the estate of Arthur G. Cohen and other investors, the Observer reported.

The landlord is in the process of completing a $50 million renovation on the 33-story office tower.

“Though the building is known for its extensive theater industry tenant roster, we are also finding there’s strong interest in the property from organizations outside the live entertainment field,” said Mirante.

Local 371 plans to move in mid-2018 from its current digs at 817 Broadway. John Fitzsimons, Frank Cento and Jonathan Serko of Cushman & Wakefield represented the union in the new lease. [CO]Kathryn Brenzel

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