Firm to lease and market office space at iconic Midtown Manhattan
NEW YORK CITY, Dec. 3, 2012 /CNW/ - Paramount Leasehold, L.P. today announced the selection of Avison Young as the exclusive office leasing agent for Paramount's commercial
building at 1501 Broadway in the heart of Midtown Manhattan's Times
Also known as The Paramount Building, the iconic 33-storey, 690,000-square-foot (sf) tower had an
exceptional history at the forefront of popular culture during the
building's earlier years, and today is home to a diverse mix of
companies that are drawn to the property's appeal as an architecturally
distinct and strategically located business address.
States William Farber, Co-Managing Partner of Paramount Leasehold, L.P., owner of the
building for 40 years: "Ownership is committed to further enhancing
1501 Broadway's position in the marketplace through reinvestment, and
we look forward to working closely with Avison Young to devise a
strategic repositioning program that will deliver a superior office
environment and attract high-caliber tenants."
The Avison Young team handling the assignment includes Arthur J. Mirante, II, Principal and Tri-State President; Michael Gottlieb, Principal; and Thomas Hines, Associate. The building is the inaugural office leasing agency
assignment in Manhattan for Avison Young, which opened its first New
York City office in April of this year.
"This building is a true New York City landmark and its location within
the vibrant Times Square district provides tenants with excellent
access to multiple modes of transportation, as well as proximity to
first-rate hotels and the neighborhood's numerous world-class dining,
shopping and entertainment options," comments Mirante. "I am confident
that our integrated platform and unique service approach will translate
into strong results."
Adds Gottlieb: "The Times Square neighborhood is poised to attract
increased activity from the expanding new media and tech sectors, and
1501 Broadway will feature column-free, big-block spaces that are
well-suited to accommodate high-tech companies and larger users, while
offering existing opportunities for users with smaller space
requirements. We anticipate a tremendous amount of excitement to be
generated by the building's repositioning."
Last renovated in 2006, 1501 Broadway offers a variety of office space
availabilities ranging from several hundred square feet to a large
block of more than 100,000 sf. The tower's street level currently
houses destination restaurants Hard Rock Café, Bubba Gump Shrimp and
Carmine's, among others, as well as major retail outlets for Levi's,
Lids and Yankee Clubhouse.
Originally built in 1926 as the East Coast headquarters for Paramount
Pictures, the property had a long legacy of housing The Paramount
Theater, which served as one of New York City's premier entertainment
venues for movies and live performances until it closed in 1964.
The Paramount Building, which was designed by the Chicago-based
architecture firm Rapp and Rapp, was among the tallest buildings in
Manhattan at the time of the tower's completion. The structure is well
known for its distinctive Art Deco architecture (which is particularly
evident in the dramatic lobby) as well as a prominent, four-faced
clock, which sits just below an ornamental 20-foot glass globe that
illuminates at night and visually and audibly alerts theatergoers to
their approaching curtain times.
"We are honored that the building owners have selected Avison Young as
the exclusive office leasing agent for this property, and are committed
to providing our brand of best-in-class service to bring continued
success to this asset," adds Greg Kraut, Principal and Managing Director of Avison Young's New York City
office. "This assignment significantly strengthens Avison Young's New
York City market presence and is a testament to our team's extensive
experience and track record of success in identifying high-quality
tenants for prominent properties."
1501 Broadway is located between 43rd and 44th Streets, one block from
the central Times Square subway complex, two blocks from the Port
Authority Bus Terminal and within walking distance of Penn Station and
Grand Central Station. The immediate neighborhood is home to some of
the world's foremost retailers and entertainment destinations.
In February, Avison Young was named a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business.
Founded in 1978, Avison Young is Canada's largest independently-owned
commercial real estate services company. Headquartered in Toronto,
Ontario, Avison Young is also the largest Canadian-owned,
principal-managed commercial real estate brokerage firm in North
America. Comprising more than 1,100 real estate professionals in 42
offices across Canada and the U.S., the full-service commercial real
estate company provides value-added, client-centric investment sales,
leasing, advisory, management, financing and mortgage placement
services to owners and occupiers of office, retail, industrial and
For further information/comment/photos:
New York Media Relations:
• Christa Segalini, Vice-President, Beckerman PR: (201) 465-8021
• Elliot Baum, Principal and Vice-President of Marketing, New York, Avison Young: (212) 729-7465
Avison Young Media Relations:
• Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
Avison Young is a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and
Queen's School of Business
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SOURCE: Avison Young Commercial Real Estate (BC)
For further information:
Christa Segalini, Beckerman PR
(201) 465-8021; (908) 448-8591 cell
Sherry Quan, Avison Young
(604) 647-5098; (604) 726-0959 cell