GFP Real Estate and BDT & MSD Partners have secured more than 74,000 square feet of new long-term office leases at 1540 Broadway, coinciding with ongoing renovations at the 907,000-square-foot tower. The new commitments come from Pandora Jewelry and Woori Bank New York Agency, both expanding or relocating their New York office footprints within the building.
Pandora Jewelry, LLC has committed to a full-floor expansion at the Midtown tower, signing a long-term lease for the entire 34th floor totaling 27,936 square feet. At the same time, the company has extended its existing lease for another 27,936 square feet in the property. Following this expansion and extension, Pandora’s total leased footprint at 1540 Broadway will reach 55,872 square feet. The company is expected to occupy its expanded premises in August, consolidating its operations on multiple full floors in the building.
JLL served as tenant representative to Pandora in the expansion and extension. Dan Posy of JLL led the assignment, negotiating the new long-term commitment for the 34th floor as well as the extension of the tenant’s existing space. The dual transaction underscores continued tenant activity at the property even as renovation work progresses.
In a separate lease, Woori Bank New York Agency has signed a 20-year agreement for the entire 38th floor of 1540 Broadway, comprising 18,553 square feet. The Korea-based institution will relocate its New York operations from 245 Park Ave., with occupancy at the new location anticipated in May. The long-term commitment positions the bank to consolidate its New York presence within the Broadway tower.
Newmark represented Woori Bank New York Agency in the relocation and lease negotiations. The tenant representation team included Charles Han and Douglas Levine of Newmark, who arranged the 20-year full-floor deal. Their work facilitated the move of the bank’s New York operations from its current Park Avenue address into the renovated office tower.
On the ownership side, a joint agency team represented the landlord in both the Pandora and Woori Bank transactions. JLL’s Clark Finney, Frank Doyle, Carlee Palmer and Michael Pallas, together with Allen Gurevich of GFP Real Estate, advised the ownership in structuring and completing the leases. The pair of full-floor, long-term office deals mark notable leasing progress at 1540 Broadway as the Fogarty Finger-led renovation program continues.
