From Real Estate Weekly
Jones Lang LaSalle has been tapped to lead the turnaround of 920 Broadway, the 106,000 s/f Flatiron building bought by the Carlyle Group and ClearRock Properties last week. Asset manager Carlyle Group partnered with owner / operator ClearRock to buy the pre-war office building on the Ladies Mile for $58.5 million. It was one of four buildings snapped up in a fire sale by Yeshiva University as the school moved to take advantage of market conditions in red hot Midtown South. The new owners said this morning they are planning a $10 million renovation of the property that will include a new lobby, elevators, HVAC, restrooms, windows, security system and energy conservation technology. The partners said they will also “upgrade the standard of service to meet the growing demand for high quality office space in Midtown South.” A top flight make-over team includes Dan Shannon, of Moed de Armas & Shannon, who has already begun crafting the vision for a new lobby, elevators and entry. Interiors darling Scott Spector, of The Spector Group, will create “a flexible, modern design” for new tenant spaces. Mitch Konsker will lead a Jones Lang LaSalle leasing team and the firm’s managing director Matt Duthie will oversee property management. “920 Broadway will be attractive to Midtown South’s increasingly diverse array of technology, media, financial and other boutique tenants,” said Steve Grant, managing principal with ClearRock Properties. Andrew Chung, Carlyle managing director, added, “We are proud to acquire such a high quality asset in a market with the lowest vacancy rate in New York. Our plan is to reposition the building to a Class A Midtown South office building. “ Constructed in 1916, 920 Broadway, located at the southeast corner of East 21st street, was designed by Schwartz & Gross and offers floor plates of 6,400 s/f.