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NEW YORK CITY - Sovereign Bank has leased 4,000 square feet of prime high-visibility retail space at 1350 Broadway (the Herald Square Building), in the center of Herald Square directly across from Macy's flagship store, announces Andrew Goldberg, executive vice president of CB Richard Ellis.
"This is a positive counterpoint to recent developments in the banking industry," notes Mr. Goldberg. "Clearly, some banks are expanding, and are still drawn to the top retail locations. When this branch opens, for example, Sovereign will be highly visible to the 15,000 pedestrians who walk through the neighborhood every hour at peak times. It's a great branding opportunity coming at a time when many other banks are downsizing their retail networks."
Headquartered in Wyomissing, PA, Sovereign is one of the largest banking institutions in the Northeastern United States, with 750 branches and more than 2,300 ATMs.
Mr. Goldberg represented the landlord in the leasing negotiations along with Matthew Chmielecki of CB Richard Ellis.
Situated on the north side of Herald Square in the Penn Plaza district, 1350 Broadway contains 25 stories and more than 400,000 square feet. It offers convenient access to the Long Island Rail Road, Metro North, New Jersey Transit, Amtrak, Port Authority, PATH and fifteen subway lines.
The property's program of upgrades, amounting to $53 million and currently in progress, includes a new lobby, renovated elevators, upgraded building systems, renovated air-conditioned public corridors, and new restrooms.
Up to 21,000 square feet of retail space is still available on the lower, ground and second floors of the building.
The building is owned by 1350 Broadway Associates L.L.C, a partnership led by Peter L. Malkin. Newmark Knight Frank is the building's managing agent.
Broker commissions are paid in full at lease signing.
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