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NEW YORK CITY - Duane Reade has leased a 15,300-square-foot, multi-level space at W&H's 1350 Broadway (The Herald Square Building) for a store that will showcase the pharmacy chain's new, attractive prototype, announces Fred C. Posniak, senior vice president of W&H.
The store's new logo, signage and design will be highly visible to visitors to Herald Square and 34th Street, since the space has frontage on Broadway, Avenue of the Americas and Herald Square park.
But the store's new look is not the only notable aspect of the deal, says Mr. Posniak. "This lease marks the completion of 1350 Broadway's retail project," he explains. "It follows Sovereign Bank's recent lease of 4,000 square feet at the property. Through these two deals, all of the available retail space at the property was leased approximately within the span of a year above leasing
projections."
"That's pretty remarkable in today's market," he adds.
Jeffrey Winick of Winick Realty represented Duane Reade in the lease negotiations. W&H was represented by Mr. Posniak, together with Andrew Goldberg, Eric Gelber and 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.
The building is owned by 1350 Broadway Associates L.L.C, a partnership led by Peter L. Malkin and Anthony E. Malkin. Newmark Knight Frank is the building’s managing agent.
Broker commissions are paid in full at lease signing.
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