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New York

NY State close to renewing huge lease at Piedmont’s 60 Broad

Footprint could shrink slightly

Donald A Miller of Piedmont and 60 Broad Street (Credit: Piedmont Office Realty Trust, Agorafy, and Structurae)
Donald A Miller of Piedmont and 60 Broad Street (Credit: Piedmont Office Realty Trust, Agorafy, and Structurae)

New York State is in “advanced discussions” to renew its lease at 60 Broad Street, landlord Piedmont Office Realty Trust said in a filing with the Securities and Exchange Commission.

The State currently occupies nearly 481,000 square feet under a lease expiring in the first quarter of 2019. According to Piedmont, a new long-term deal could come with a “potential modest square footage contraction.”

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Other tenants in the 1.03-million-square-foot tower include co-working company Bond Collective.  The German stock exchange Deutsche Börse recently decided to leave the building for the Durst Organization’s 1155 Sixth Avenue.

The State has been a tenant since 1997. Piedmont bought the building in 2003 for $213.6 million, property records show.

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Commercial Real EstateLease Renewals