Social service union inks 15-year lease at Paramount Building

Local 371 will take 22K sf on the fourth floor

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

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


Related Articles

arrow_forward_ios
Richard Wagman, managing partner, Madison Capital (Care/of, Madison Capital, iStock)
Madison Capital signs wellness company in Brooklyn office
Madison Capital signs wellness company in Brooklyn office
Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
Vornado sweetening Manhattan properties with food delivery partner
Vornado sweetening Manhattan properties with food delivery partner
Thomas Cangemi, chief executive officer, New York Community Bank (New York Community Bank, iStock)
Looming interest hikes prompt multifamily lending spree
Looming interest hikes prompt multifamily lending spree
Retailers are falling behind on their rent (Stock, Photo illustration by Priyanka Modi)
These retailers fell behind on rent last year
These retailers fell behind on rent last year
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
Adir Levitas, founder and CEO, Faropoint (Faropoint, iStock, Illustration by Kevin Cifuentes for The Real Deal)
An industrial “David” in a field of Goliaths
An industrial “David” in a field of Goliaths
Equity Group Investments chairman Sam Zell (Getty, iStock)
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Office market’s recovery will outpace retail amid “viability” questions, Zell says
(iStock)
CRE sales hit record $809B in 2021
CRE sales hit record $809B in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...