Vornado Realty Trust Inks Long-Term Theater District Lease
- Jun 27, 2018
Vornado Realty Trust has signed a 51,436-square-foot, 15-year lease with Open Jar Studios at one of its Manhattan office buildings. The Jeff Whiting-led live theater venture plans to open the largest space in the borough destined for rehearsals, auditions and offices for Broadway productions and will span throughout the 11th and 12th floors.
The building is situated at 1601 Broadway in the Theater District and spreads across 46 stories. According to Yardi Matrix, it totals 878,803 square feet and includes a 78,335-square-foot retail component and a 565,468-square-foot hotel. The rehearsal space will encompass two 4,000-square-foot studios featuring 24-foot high ceilings, as well as smaller studios and production and support areas. Construction on the new space will start in July, with the opening slated for January 2019.
Additionally, the asset will house The Open Jar Institute’s future headquarters, currently located at 257 W. 52nd St. The property is within walking distance of numerous Fortune 500 company headquarters, retailers, dining options and 40 Broadway theaters. Duffy Square pedestrian plaza is also one block away.
An Advisors Commercial Real Estate team, formerly operating as Coldwell Banker Commercial Advisors, comprising Principal Jeffrey Rosenblatt and Director James Cleary represented the tenant in the transaction.
“Live theater is a fundamental part of Manhattan culture and theater artists looking to hone their craft will look nowhere else in New York once the new Open Jar Studios facility is complete,” Rosenblatt said in a prepared statement.
Image courtesy of Yardi Matrix