1540 Broadway | TRD Research
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1540 Broadway

1540 Broadway
New York, NY 10036
(212) 894-7988|(212) 894-7992
Website
Office, Retail

The retail area of the 44-story Bertelsman building on Times Square, at the corner of 45th Street and Broadway, is owned by Vornado Realty Trust. Tenants in the 159,157 square feet of shop space include Disney, Forever 21 and Planet Hollywood; Sunglass Hut signed a lease for the corner space in early 2013 for $2,025 per square foot, which Vornado said at the time was a record for the Times Square submarket, an area that draws 39 million tourists a year.
Vornado bought the retail, signage and parking components of the building in July 2006 for $260,000,000 in cash. The office portion of the building is owned by a partnership of CB Richard Ellis Investors, Edge Fund Advisors and HSBC Alternative Investments Limited.

-NE

  • Year Built 1989
  • square feet 936,254
  • block and lot 1-00176-0001
  • BIN 1076844
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 6,710
notes
The insurance company signed a lease for the Times Square space.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 9,346
notes
The technology company signed a lease on the 23rd floor.
  • Event Financing
  • Address 1540 Broadway
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 450,700,000
  • Publication Date 09/01/2016
  • Event Date 07/15/2016
  • Party 1 Edge Fund Advisors
  • Party 2 DekaBank
notes
The company secured a $450.7 million loan.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 5,696
notes
The investment management firm signed a lease.
  • Event Financing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 907,000
  • Price $ 350,000,000
  • Publication Date 12/01/2011
  • Event Date 10/22/2011
  • Party 1 Edge Fund Advisors, HSBC Alternative Investment
  • Party 2 MetLife
notes
A $350 million, five-year, fixed-rate mortgage was provided to the joint venture. The companies acquired a 49 percent stake in the building from CBRE Investors in a deal valued at $254 million, or $575 per square foot last year. It then bought out the remaining 51 percent stake in the building in an off-market transaction. 44-story office building.
  • Event Sales
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 907,427
  • Price $ 346,800,000
  • Price per foot $ 382.18
  • Publication Date 11/01/2011
  • Event Date 09/22/2011
  • Party 1 CBRE
  • Party 1 Brokerage CBRE
  • Party 1 Broker Darcy Stacom, William Shanahan
  • Party 2 HSBC Alternative Investments, Edge Fund Advisors
notes
The remaining 51 percent stake in the Bertelsmann building sold for $346.8 million. The buyers acquired 49 percent of the building from CB Richard Ellis in November 2010, in a deal valued at $254 million. CBRE had previously purchased the property in a fire sale from Macklowe Properties.
  • Event Sales
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 907,427
  • Price $ 254,000,000
  • Price per foot $ 279.91
  • Publication Date 12/01/2010
  • Event Date 10/22/2010
  • Party 1 Deutsche Bank
  • Party 2 HSBC Alternative Investments, Edge Fund Advisers
notes
A 49 percent stake in the Bertelsmann Building sold for $254 million. CBRE acquired the office condominium portion of the property in March 2009 from Deutsche Bank for $355 million. That lender had acquired the distressed property from developer Harry Macklowe. CB Richard Ellis will provide brokerage and leasing services for the building.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 18,600
notes
The Chinese media company signed a lease on the 44th floor.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 8,737
  • Price per foot $ 70.00
notes
The data center services provider signed a lease on the 39th floor
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 27,000
  • Price per foot $ 57.00
notes
The software firm signed a lease for the entire 17th floor. The tenant is relocating from a smaller space at 8 West 40th Street.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 2,900
  • Price per foot $ 68.00
notes
The distress-business consultant inked a five-year lease.
  • Event Retail Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 25,000
notes
The family entertainment retailer signed a lease for parts of the first, second and third floors. The tenant is relocating from 711 Fifth Avenue, its home of 15 years.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 17,061
  • Price per foot $ 55.00
  • Publication Date 10/01/2009
  • Event Date 08/22/2009
  • Party 1 CBRE
  • Party 1 Brokerage CBRE
  • Party 2 New York Society of Security Analysts
  • Party 2 Brokerage CBRE
  • Party 2 Broker John Maher
notes
The nonprofit signed a 15-year lease to relocate from 1177 Sixth Avenue.
  • Event Sales
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 905,533
  • Price $ 355,000,000
  • Price per foot $ 392.03
notes
A majority condo interest in the 44-story office building sold at an estimated price of about $355 million, or $392 per square foot. The tower is the sixth building to sell from the $7 billion portfolio Harry Macklowe purchased from Equity Office Properties in 2007. Macklowe was forced to surrender the properties after he defaulted on his debt to lender Deutsche Bank, which put the seven buildings up for sale. Worldwide Plaza at 825 Eighth Avenue is the package's only property that remains on the market.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 27,300
notes
The law firm inked a deal to take the entire 24th floor, which had been occupied by Bertelsmann AG before it sold the property to Equity Office Properties earlier this year. The tenant is relocating from 21,000 square feet at 230 Park Avenue. The building is now 89 percent occupied.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 18,830
notes
The law firm inked a deal to take the entire 37th floor, which had been occupied by Bertelsmann AG. The Birmingham-based tenant is opening its first New York office.
  • Event Sales
  • Building Name The Bertelsmann building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1,100,000
  • Price $ 560,000,000
  • Price per foot $ 509.09
notes
The building, primarily tenanted by Viacom and Bertelsmann, is being sold for $820 million, or $745 per square foot. The acquisition will occur in two parts. Equity Office Properties and Lehman Brothers will acquire the 900,000-square-foot office section, while Vornado will acquire the retail components (see below). The office section sold for approximately $560 million, or $622 per square foot. The building was acquired by the Paramount-Principal joint venture in mid-2004 for approximately $420 million, which equates to a profit of $400 million.
  • Event Sales
  • Building Name The Bertelsmann building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 152,000
  • Price $ 260,000,000
  • Price per foot $ 1,710.53
notes
The REIT paid $260 million, or $1,700 per square foot, to acquire the retail, signage, and parking components of the property. The principal retail tenants are Virgin Records and Planet Hollywood. The purchase is expected to close in the Third quarter of 2006.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 82,000
notes
The national law firm moved from 43,000 square feet at 380 Lexington Avenue to take an 82,000-square-foot block of space on floors 11 through 14. Asking rents are reportedly $50 per square foot on the 11th floor and $54 per square foot on floors 12 to 14.
  • Event Sales
  • Address 57 Worth Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 12,500
  • Price $ 153,000,000
  • Price per foot $ 12,240.00
  • Publication Date 10/01/2005
  • Event Date 08/22/2005
  • Party 1 New York Law School
  • Party 2 Tishman Speyer
notes
Sold with adjacent parking lot for $153 million.
  • Event Office Leasing
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 305,000
notes
Occupancy expected by end of year; will take additional space early 2007.
  • Event Retail Leasing
  • Building Name Bertlesmann Building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 22,365
notes
To house world¹s largest Ripley's Believe It or Not
  • Event Sales
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Price $ 425,000,000
  • Publication Date 02/01/2004
  • Event Date 12/23/2003
  • Party 1 Bertelsmann
  • Party 2 Paramount Group
notes
Deal reportedly conducted by attorney Marty Edelman

11/11/2016
Left to right: MTA CEO Thomas F. Prendergast and Hudson Yards 7 train, Sheldon Solow and the Solow Building We're really starting to see where Left to right: MTA CEO Thomas F. Prendergast and Hudson Yards 7 train, Sheldon Solow and the Solow Building We're really starting to see where...

02/28/2010
Even the year’s largest office deals were draped in discouragement. Last year’s top five sales, according to research firm Real Capital Analytics, included: Worldwide Plaza at 825 Eighth Avenue; Sotheby’s headquarters at 1334 York Avenue; the Bertelsmann Building at 1540 Broadway; HSBC’s headquarters at 452 Fifth Avenue; and the New York Times headquarters on Eighth Avenue...

12/30/2009
However, Eastdil was able to pull together some of the biggest trades of 2009. It handled the $600 million sale of Worldwide Plaza at 825 Eighth Avenue, the biggest deal of last year, along with the sale of 1540 Broadway at $355 million, the third-biggest deal...

12/29/2009
One of the forces driving rents down was the return of office space once considered financially troubled to the market following a change in ownership, allowing for cheaper rents. As examples, brokers pointed to buildings such as 1330 Sixth Avenue, Worldwide Plaza at 825 Eighth Avenue, and 1540 Broadway...

11/02/2007
Law firm Seyfarth Shaw inked a 100,000-square-foot lease at the future New York Times headquarters on Eighth Avenue; that building's occupancy is expected in 2007. Another law firm, Duane Morris, signed a major Midtown lease in May for 81,897 square feet at 1540 Broadway...

10/31/2007
Still, three spaces of at least 110,000 contiguous square feet hit the market in July, according to Colliers ABR: 220,000 square feet at 1540 Broadway, 110,000 square feet at 99 Hudson Street and 511,000 square feet at 95 Wall Street...