Shorenstein & JLL Transform 1407 Broadway Retail Space into a Foodie Destination0 Comment
JLL today announced that the firm has secured four leases on the ground floor of 1407 Broadway in New York City. The four new-to-market food concepts, ’wichcraft, Luke’s Lobster, Gregory’s Coffee and Juice Generation are all expected open by mid-2017. Shorenstein Properties LLC, who purchased the property in May of 2015, hired JLL to market the 25,000-square-foot retail component in the building, which is a full block on Broadway between 38th Street and 39th Street, in late 2015.
The JLL team leading the assignment are Vice Chairman of Retail Brokerage Patrick A. Smith, Managing Director Erin Grace and Executive Vice Presidents Corey Zolcinski and Matt Ogle.
When the JLL team took over the retail leasing in 2015, the team took a new approach to configuring the space that hadn’t been considered before – downsizing it. They broke up several large boxes into eight smaller spaces that better support a missing amenity in the area – food.
“We planned a merchandising strategy for the space that coincided with Shorenstein’s plans to install new storefronts and a lobby, focusing on creating space configurations that are directly reflective of market demand,” added Grace. “The retailers on the street scape were not reflective of the rapidly evolving office tenancy in the sub-market and because the property was originally designed to house garment showrooms it had excellent street frontage and access, but it was configured to attract large format, multi-level retailers. That layout just wasn’t working with market demand and consumer appetite.”
“We were able to make the majority of the retail space on Broadway between 38th and 39th Street available all at the same time, and the JLL team had a highly innovative and forward-looking idea to merchandise the entire block to food concepts, which turned into an incredible opportunity for us. They took a creative risk around the leasing strategy, and it worked,” added Ronnie Ragoff, Senior Vice President, Shorenstein Properties, LLC. “This transformation will benefit the employees of our office tenants as well as the entire surrounding area.”
As of today, the leasing team has executed leases on four of the eight spaces and leases pending on the remaining four spaces. The executed leases for new restaurants include:
- ’wichcraft a farm-to-table, innovative sandwich service restaurant, where every ingredient is made from real food and nothing is filler, always resulting in a robust and balanced meal for breakfast, lunch, or dinner.
- Luke’s Lobster, a rustic Maine-bred seafood shack which serves lobster, crab, and shrimp rolls, chowders and bisques, all made with sustainable, wild-caught seafood, along with Maine-style sides, local desserts and natural craft beverages.
- Gregorys Coffee, is a specialty coffee company that roasts and bakes locally, and serves full range of delicious coffee beverages and homemade pastries daily.
- Juice Generation, a premier juice bar that offers must-have juices and smoothies to fresh, ready-to-go meals.
Located between 38th and 39th streets, 1407 Broadway is at the epicenter of an area currently undergoing a rebirth. With Bryant Park, Penn Station, and Times Square just a short walk away, the tower offers the premier work and play home. The 1.1 million square-foot property is currently undergoing a renovation and enhancement program that will transform the property into a top tenant destination in New York’s Times Square south submarket.