Adobe Signs Major Lease Renewal, Expansion
Real Estate In-Depth | October 2019
NEW YORK—Multinational computer software company Adobe Inc. has signed a 109,296-square-foot lease at 1540 Broadway, a 44-story, Class-A office building in Manhattan.
Adobe has renewed its 27,323-square-foot lease on the entire 17th floor and is expanding by an additional 81,972 square-feet of office space on floors 18, 19 and 20.
The CBRE team of Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph spearheaded the leasing campaign at 1540 Broadway and represented the ownership, EDGE Fund Advisors, in the 10-year lease. Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach of Colliers represented Adobe Inc.
“Adobe’s expansion and extension of its commitment to 1540 Broadway underscores the enhancement of the tenant work experience that has been accomplished through ownership’s recently completed $40-million redevelopment of the property. The centerpiece of this investment is a best in class 27,000-square-foot amenity floor with a fitness center, coffee bar, food hall, lounge and conference center all of which Adobe’s employee base has already put to service,” Fiddle said.
Additional improvements include a newly designed entranceway located on 45th Street, a new lobby and elevator cabs and a co-generation plant that can produce 70% of the building’s energy on-site.
In addition, the recent investment together with great physical attributes of this asset such as floor to ceiling windows, high slab heights, virtually column free space, efficient floor plates and significant views enabled us to arrange a long-term lease that provided Adobe with a home for its people that meets its current and future operational and cultural goals,”. Fiddle added.
Tiffany Sanders, president of EDGE Fund Advisors, added, “our ownership has made a significant investment in 1540 Broadway to deliver unparalleled service and amenities. We are thrilled to continue to provide industry leaders like Adobe with an above and beyond tenant experience to enhance its workplace environment for creativity and innovation.