Newmark Knight Frank is pleased to showcase the transformation of 625 Broadway into a sought-after NoHo location for office and retail tenants with six new leases as evidence.
The 12-story loft building built at the turn of last century runs through the block to Mercer Street. Newmark Knight Frank’s Howard Kesseler and Jordan Gosin signed on two merchants for ground floor and basement space when they decided to split up what was originally one retail site into two spaces. National burrito chain Chipotle took the 2,800-square-foot space on Broadway and opened in mid-November. Gonzalez Y Gonzalez, the previous tenant, had closed shop in the last year but now will re-open under new ownership at the Mercer Street storefront in coming weeks. (The name was purchased by the bar’s previous head bartenders).
Additionally, existing tenants Manic and jumP re-upped for long-term leases. Cutting-edge media designer Manic renewed for the entire second floor, spanning 8,000 square feet, while editorial boutique jumP renewed its 8,000-square-foot space on the seventh floor and expanded for an additional 8,000 square feet on the eighth floor. jumP is building out its space on the eighth floor and plans to occupy it next month.
Online content provider Studio One Networks signed a new lease for 8,000 square feet, or the entire 11th floor. The company’s offices will nearly double in size, when it relocates from 584 Broadway this spring.
In another expansion and relocation move, a real-time information services and analytics provider signed an 8,000-square-foot lease for the 10th floor.
“This really is a comeback story,” says Howard Kesseler, executive managing director at Newmark Knight Frank. “The fact the property fell into receivership was an opportunity rather than a challenge. What we have now is a building that offers tenants the ability to create a space that fits their needs and price point.”
“Creative loft space is still available on floors three through six, and on the ninth floor. Potential tenants will be offered market concessions and may include a new building installation and rent abatement subsequent to construction,” says Gosin.
About Newmark Knight Frank
Newmark Knight Frank is one of the largest real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Knight Frank is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.