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NEW YORK CITY - HSBC Bank has renewed its 3,880-square-foot retail space at W&H Properties' 1350 Broadway, completing the building's extensive retail transformation and fulfilling a W&H commitment to installing top retail tenants as part of the top-to-bottom building upgrade.
The renewal follows two major retail triumphs at the property: the establishment of Duane Reade's 13,500-square-foot, multi-level flagship store, which showcases the chain's attractive new store model; and the opening of a new 4,000-square-foot branch of Sovereign/Santander Bank.
"The building's retailers have attractive, clean spaces that contribute to an aesthetically pleasing landscape around Herald Square," says Fred C. Posniak, senior vice president of W&H. "They also reflect the area's change from office tenants with a fashion-specific focus to a more general business focus."
Stuart Lilien of Lansco Corp. represented HSBC in the lease negotiations. Andrew Goldberg, Matt Chmielecki and Eric Gelber of CBRE represented the landlord.
Situated on the north side of Herald Square in the Penn Plaza district, across from Macy's flagship location, 1350 Broadway contains 25 stories and more than 400,000 square feet of modern office space. It offers unsurpassed access to transportation, and is just steps from the Long Island Rail Road, Metro North, New Jersey Transit and Amtrak at Penn Station, Port Authority, PATH, 15 subway lines and all major bus lines.
The property's recently completed $53 million upgrade program includes a new lobby, renovated elevators, a new roof and façade, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War Trophy office portfolio, the building is supervised by Malkin Holdings LLC, one of New York City's most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space ranges from efficient full floors of 11,000 to 14,700 square feet, W&H portfolio standard high-end pre-built units from 3,000 to 4,000 square feet, and units available for immediate occupancy from 1,500 square feet.
Broker commissions are paid in full at lease signing.
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