JEMB Realty Corporation (JEMB), a real estate development, investment and management organization based in New York, today announces that after recent capital improvements and an offering of pre-built spaces, they’ve signed a 10-year, 9,215-square-foot lease with Leav & Steinberg, a Manhattan-based personal injury law firm, at its premiere 650,000-square-foot office development, 75 Broad in the Financial District (FiDi).
Michael Leff, principal, and James Lizmi, associate, both of Avison Young, the world’s fastest-growing commercial real estate services firm, represented Leav & Steinberg in the transaction. JEMB was represented by Hal Stein and Todd Stracci of Newmark Grubb Knight Frank.
“After a comprehensive search to find new space for Leav & Steinberg, we were thrilled to see how quickly this transaction came together,” said Leff. “Leav & Steinberg has called Lower Manhattan home for years, previously at 140 Broadway, and it was important for them to remain there. 75 Broad Street’s new pre-built units and stunning finishes, match our client’s high energy and image as a firm.”
JEMB repositioned 75 Broad by completing lobby and common corridor enhancements, finished high-end pre-built spaces and bathroom upgrades. The tower, constructed in 1928, features 12-foot high ceilings, exposed steel columns, polished concrete floors, modern open kitchens, and upscale finishes. Additionally, flexible floor plates range from 4,400 to 30,000 square feet, from the top floor down, and are easily divisible.
“We are very excited about our move to 75 Broad Street, thanks to the great work done by Mike and James at Avison Young,” said Daniel Leav, Partner of Leav & Steinberg. “The new improvements and pre-built spaces truly fit our needs and we look forward to growth and success in our new space.”
“Our strategy and result for 75 Broad is a superb example of our capabilities in enhancing a property’s value,” said Jacob Jerome, Principal of JEMB. “Leav & Steinberg was immediately attracted to the new pre-built spaces and what we have done to the historic pre-war tower, which exemplifies our goal of capturing a diverse group of companies—not just those in the TAMI sector. We look forward to the continued welcoming of many next generation businesses.”
JEMB strategized to re-tenant the building and adjust to the needs of prospective tenants by incorporating the most advanced modern amenities, including a conference center, 24/7 lobby-attended security, and a state-of–the-art security system. As well, JEMB completed a $15 million post-Sandy improvement program including new and relocated electrical switch gear, a new fuel system and state-of-the-art flood gates years ago.
The magnificent 34-story tower was one of the original office towers erected in FiDi and once served as the former headquarters of the now-named ITT Corporation. The building’s telecommunication installations rank among the most sophisticated, with energy capacity surpassing industry norms and standards. 75 Broad’s exceptional neighborhood is renowned for its many iconic attractions, and the continued revival of Lower Manhattan has tenants, retailers and investors flocking to the area. Other tenants include those in the creative sector such as branding firms, CO-OP and Sun and Moon, as well as Order Groove, Cooper Cary, Stella Services and Nike Communications.
Newmark Grubb Knight Frank’s Hal Stein, Eric Cagner and Todd Stracci are marketing the pre-built spaces. For more information regarding leasing opportunities at 75 Broad, please visit JEMB’s website http://www.jembrealty.net/ or contact Jacob Jerome at 212-608-5100.
About JEMB Realty Corporation
Founded in 1990 by Morris Bailey and Joseph Jerome, JEMB Realty Corporation (JEMB) is an established family-run, forward-thinking real estate development, investment and management organization based in New York City. Now, under the leadership of Morris Jerome, Louis Jerome, and Jacob Jerome, JEMB owns and operates a real estate portfolio totaling in excess of 6.5 million square feet throughout the United States and Canada. The firm has commanded a highly-respected position as a key player in the real estate industry, continually seeking out new challenges and productive investments, and operating as a low-leverage company and long-term strategic partner active in acquisitions, innovative repositioning of real estate assets, major commercial and infrastructure investments, construction projects as well as financial structuring.
