May 18, 2017
A $7 million renovation is already paying big dividends at 434 Broadway, a nine-story office and retail building in Manhattan’s SoHo neighborhood.
“Our investments in the property created modern, efficient space within the historic building envelope of 434 Broadway,” said Brian Reiver, director of leasing at Savanna, which bought the building in 2013 and upgraded the lobby, windows, roof and facade.
The 65,000-square-foot building is now fully-occupied. Modern Post, a full-service post-production company, leased the entire fourth floor with 7,230 square feet. Elysium Health, Inc., leased the second floor with 7,205 square feet.
Asking rents were $75 per square foot, up from less than $40 per square foot before the renovation. “These two most recent transactions highlight the appeal of the repositioned building,” said Reiver.
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