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Harbor Group Inks 2 Leases in Lower Manhattan

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The two tenants will occupy the 14th and 29th floor at the tower. The post Harbor Group Inks 2 Leases in Lower Manhattan appeared first on Commercial Property Executive.

Exterior shot of 55 Broadway, a 32-story 358,000-square foot office tower in Manhattan's Financial District. — The 32-story property at 55 Broadway is currently 93 percent leased. *Image courtesy of CommercialEdge*

Two tenants have signed leases at 55 Broadway in Lower Manhattan, totaling more than 21,500 square feet. CBRE represented landlord Harbor Group International in both transactions.

Inclusiv, a network of community development credit unions, has signed a 10,986-square-foot lease and will occupy the entire 29th floor. The tenant currently has office space at 39 Broadway, Commercial Observer reported. Avison Young Principal Tom Kaufman worked on behalf of Inclusiv in the transaction.

CSA Group NY Architects and Engineers also renewed its 10,557-square-foot office space on the property’s 14th floor for an additional 10 years. This deal was brokered directly.

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The property’s tenant roster includes RAL Cos., Syscom Global Solutions Inc. and Bond Collective, among others, CommercialEdge shows. The high-rise is currently 93 percent leased.

In 2024, renewals made up 68 percent of leases, marking a 10 percent increase from the previous year, a new CBRE report shows. Over half of the renewing tenants kept their existing space, while nearly a third expanded. Manhattan dominated the market, securing the largest share of the 100 top leases of last year.

A renovated tower in the Financial District

Located between Exchange Alley and Morris Street in the Financial District, the Class A 55 Broadway is near Interstate 478 and is less than one mile from World Trade Center. JFK International Airport is some 14 miles away.

The 358,000-square-foot building has been under the Harbor Group International ownership since 2014, when the company acquired the asset for $157.3 million from Broad Street Development, according to CommercialEdge. Later in 2017, Savanna and Paramount Group acquired a 45 percent ownership stake in the property. Last year, the office tower became subject to a $71.6 million loan, originated by AIG, the same source shows.

Completed in 1982, the 32-story high-rise underwent renovations in 2013. The building features floorplates ranging between 11,000 and 17,000 square feet, eight passenger elevators and 15,000 square feet of retail space.

The CBRE team representing the landlord included Executive Vice President Brad Gerla, Senior Vice President Jonathan Cope and Vice President Hayden Pascal.

The post Harbor Group Inks 2 Leases in Lower Manhattan appeared first on Commercial Property Executive.