By Andria Cheng CoStar News
Comcast Advertising is poised to become the largest tenant at a Times Square office tower undergoing a major renovation, the latest sign that companies continue to favor upgraded workplaces with robust amenities.
The advertising arm of Philadelphia-based Comcast, one of the nation's largest telecommunications and media companies, signed a 140,000-square-foot lease at 1540 Broadway, one of midtown Manhattan's largest office deals this year, according to landlords GFP Real Estate and BDT & MSD Partners.
The Real Deal reported earlier that Comcast is consolidating operations from nearby offices at 55 W. 46th St. and 1407 Broadway. The company occupies a combined 118,000 square feet at those properties, CoStar data shows, including space for its advertising technology unit, FreeWheel.
The lease would make Comcast the building's largest tenant, surpassing drug-discovery software company Schrödinger, which occupies nearly 130,000 square feet, according to CoStar.
Comcast did not respond to a request for comment. A spokesperson for the ownership group declined to comment.
Since unveiling plans in January for a $150 million renovation of the 44-story, 907,000-square-foot tower, ownership has signed more than 226,500 square feet of leases. Recent transactions include an expansion by jewelry brand Pandora, a headquarters lease with Woori Bank New York Agency, a 9,314-square-foot lease with Metalmark Capital and a 3,123-square-foot extension and relocation by Alight.
Signing more than 226,000 square feet of leases “in just a few months is a strong validation of the transformation underway at 1540 Broadway," Brian Steinwurtzel, chief executive of GFP Development, said in a statement. "The decision by Comcast and others to locate their employees here reflects what we're hearing throughout the market — companies continue to prioritize high-quality office environments that help attract talent, foster collaboration and support long-term growth.”
Ownership said the building, between Sixth Avenue and Broadway on West 45th Street, is expected to be nearly fully leased by year-end.
The renovation, designed by architecture and interior design firm Fogarty Finger, includes a 27,000-square-foot amenity hub on the eighth floor featuring a redesigned fitness center, new locker rooms, and social and collaborative spaces. An 18,500-square-foot tenant lounge on the 36th floor will offer skyline views, a bar and a dining area, along with a landscaped terrace spanning about 6,200 square feet.
GFP Real Estate and BDT & MSD Partners own the office portion of the property, while Vornado Realty Trust and its partners own the retail portion.
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