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Case Study

40 Broad: Defining a destination where art and architecture merge

Services provided: Agency leasing, construction, investment sales, hotel, office, or residential conversion? That was the question posed to the market when Prudential Real Estate Investors began the sale of 40 Broad Street in late 2005. The 11-story, 291,000 square foot Class A office building was nearing 35% occupied at the time, which made it a prime candidate for redevelopment into a new or existing use.

Jones Lang LaSalle negotiated the sale of the building to Transwestern Investment Company, which had plans to reposition the office building and showcase a large block of contiguous space at a non-tower price point. Jones Lang LaSalle’s agency leasing and construction teams were key advisors in Tranwestern’s repositioning plans from the beginning, offering insights into the market, a competitive re-branding campaign, and construction management expertise.

Undergoing a capital improvements program including extensive contemporary upgrades to the building’s lobby, common areas and elevators, Jones Lang LaSalle re-introduced the building to the marketplace, positioning 40 Broad Street as a place “Where art and architecture merge.” The campaign, including branding, public relations, events and a brochure, accurately captured the new image of the property, capturing a major creative tenant in the market.

In 2007, regional advertising agency Mullen signed a lease for 100,000 square feet of space, bringing the building from 35 percent occupancy to nearly 100 percent within a period of two years. Mullen sought out a destination building in which its presence would be significant and matched their corporate style, qualities only the new 40 Broad Street could fulfill.

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