Silverstein Properties, one of New York City’s leading real estate development and management companies, today announced that the New York City Housing Development Corporation (NYCHDC) signed a long-term lease totaling 109,234 square feet at 120 Broadway, a 40-story, Class A office building in Downtown Manhattan.
“We are extremely proud to welcome NYCHDC to 120 Broadway and grow the building’s tenant roster with organizations doing such important work for New Yorkers,” said Joseph Artusa, Senior Vice President of Leasing at Silverstein Properties.
NYCHDC is the nation’s largest municipal Housing Finance Agency and charged with helping to finance the creation or preservation of affordable housing for New Yorkers. The city agency is relocating from its current location at 110 William Street to occupy the entire 2nd and 3rd floors of 120 Broadway.
“We are thrilled to be moving to the historical Equitable Building in lower Manhattan – a neighborhood HDC has called home for more than fifty years,” said HDC President Eric Enderlin. “HDC is dedicated to ensuring the success of New York City’s communities and we are proud that our new office space will allow us to be a continued part of the revitalization of one of the city’s most vibrant business districts.”
“NYCHDC’s continued commitment to Lower Manhattan is testament to the long-term strength and appeal of the area’s office market,” said Keith Cody, Senior Vice President of Leasing at Silverstein Properties. “We are pleased to offer them our robust, hospitality-focused amenity program, which includes one of the largest outdoor spaces in an office building Downtown.”
Earlier this year, Silverstein Properties announced eight lease signings at 120 Broadway totaling more than 145,000 square feet. With this latest transaction, the company has completed more than 250,000 square feet of leases in the building in the past year. These new tenants at 120 Broadway, including The Original BARK Company, The Domain Companies, Kasirer, MBF Trading, and Rothesay Asset Management US, join an impressive roster of diverse tenants, including the Alliance for Downtown New York, Golden Goose, Mediaocean, Beyer Blinder Belle, Macmillan Publishers, Handel Architects, The Brennan Center for Justice, and The Capital Grille.
These recent lease signings reflect the continued recovery of New York City post-pandemic, particularly in Lower Manhattan. According to Downtown Alliance, Lower Manhattan was the fourth-fastest growing neighborhood in New York City in 2021, and the fastest growing in Manhattan. Last year also saw a recovery in leasing activity, rising 24% over the record low set in 2020.
Regarded as Downtown Manhattan’s first emblem of elegance and stature, 120 Broadway was the largest office building in the world when it opened in 1915. The property features a grand lobby with soaring ceilings, and convenient access to shopping, dining and transportation options at the Fulton Transit Center and the WTC Transportation Hub. The building recently underwent a $50 million-dollar renovation that thoughtfully restored the building’s original architectural features, and to provide new and exciting tenant amenities such as a revitalized rooftop amenity space, once home to the legendary Bankers Club. A luxurious 10th floor getaway featuring meeting spaces, breakout areas, a fitness room, a speakeasy and more is coming to the building soon, serving as yet another amenity space attracting top companies and talent to 120 Broadway.
Across Silverstein Properties’ portfolio, tenants now have access to a new hospitality program, INSPIRE, offering premier hotel-quality amenities, community events, fitness classes, and access to every amenity space and flexible co-working space in the Silverstein portfolio, allowing customers to choose the best work environment for their needs.
Joseph Artusa, Keith Cody and Harlan Strader III represented Silverstein as well as Erik Harris, Scott Klau, and Brian Waterman from Newmark. Lance Korman and Kevin Sullivan from Newmark represented NYCHDC.