The renowned architectural firm Selldorf Architects has extended its lease for 13,815 square feet (approx. 1,283 m²) of office space at the 860 Broadway property, owned by Gordon Property Group. The new contract has a term of ten years. Selldorf Architects has used the building in the Flatiron District as its headquarters for the past two decades, as announced by the letting firm Colliers, which represented the landlord.
The lease terms were not disclosed. Nevertheless, the average asking rent for office space in Midtown South was $79.41 per square foot in the second quarter. For Class A office space, the average asking rent was $97.22 per square foot, while Class B space was offered at $79.96 per square foot, according to data from Colliers.
Seth Hecht of Colliers represented Gordon Property in this transaction, while the tenants were advised by Erik Schmall and Scott Weiss of Savills. Mr Hecht stated in a release regarding the lease extension that 860 Broadway is one of Manhattan's iconic office buildings, and its location makes it a highly desirable address for creative and innovative companies. He highlighted that when a globally respected firm such as Selldorf Architects commits to the building for another decade, it speaks to both the enduring appeal of the property and the long-term strength of this market.
Tim Gordon, Managing Director of Gordon Property Group, emphasised in the statement that their focus has always been on the long-term ownership and operation of buildings. He added that creating an environment where great companies want to stay and grow is the ultimate measure of their success. They are proud that 860 Broadway continues to merit such a commitment.
Selldorf Architects was founded in 1988 by Annabelle Selldorf in New York City. The architectural firm has worked on a number of prestigious projects, including The Frick Collection, Château Haut-Brion – a 16th-century vineyard near Bordeaux in France – and the Museum of Contemporary Art in San Diego. The company is also active in residential and corporate projects.
The building at 860 Broadway is located on East 17th Street at the intersection of the Flatiron and Union Square neighbourhoods. It is a six-storey commercial building with retail space on the ground floor. Office tenants include the FinTech company Valon Technologies and the video technology and software company Kaltura, among others.
