NEW YORK – Cushman & Wakefield announced today that Diligent Board Member Services Inc. (“Diligent”), the world’s leading provider of web-based portal for board of director communications, has signed a long-term lease at 1385 Broadway, a Midtown office building that recently completed a $55 million major capital improvement and renovation program.
Diligent will occupy 22,000 square feet on the entire 19thfloor in the 23-story building to serve as its Corporate Headquarters.
Over 2,800 boards and more than 58,000 individual directors, executives and administrators rely on Diligent Board Member Services to speed and simplify how board materials are produced, communicated and viewed. Diligent is publicly-traded on the New Zealand Stock Exchange,
Cushman & Wakefield’s Jonathan R. Serko, Vice Chairman, Gary Greenspan, Vice Chairman and Diana Gaines, Senior Director serve as the exclusive leasing agents for the building. The building is owned by B. Bros. Broadway Realty LLC, an affiliate of Bloomingdale Properties Inc. Greg Postyn of Walter and Samuels Inc. represented the tenant.
“The quality of the building and staff, hands on management and ownership, along with the convenience to Manhattan’s major transportation hubs made 1385 Broadway extremely appealing to Diligent Board Member Services,” said Gaines.
Midtown South, also known as “Silicon Alley” for its desirability amongst media and technology companies, continues to be the tightest market of all Central Business Districts in the nation. The lack of available space in the submarket has pushed tenants to rethink neighboring Midtown submarkets such as the former Garment District, which has been accordingly rebranded as “Times Square South” or Chelsea North.”
“We are very proud of our results in repositioning the building,” said Serko. “We have attracted a high quality, well diversified blend of credit tenants ranging from services firms to tech and media. Our success with this leasing campaign is a direct reflection of the ownership and their commitment to meeting their tenant’s needs.”
With this new lease, more than 450,000 square feet has been leased at 1385 Broadway since Cushman & Wakefield was appointed as the exclusive leasing agent for the building. The building has only one full floor availability remaining.
The building, which is located between 37thand 38thStreets, is situated just west of Avenue of the Americas, within walking distance to Grand Central, Penn station and the Port Authority Bus Terminal.
The recently completed capital improvement program included a new entrance and lobby, replacement of all windows, upgrades to the elevator cabs and mechanicals, as well as common areas and restrooms.
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.