A significant transformation is underway for the office tower at 1540 Broadway in Midtown Manhattan, as developers GFP Real Estate and BDT & MSD Partners announce a $150 million investment to modernize the building. This initiative aims to reposition the long-established structure into a next-generation Class A office space that meets the evolving demands of today’s workforce.
The project will entirely redesign the 907,000-square-foot building, which was originally completed in 1990 and designed by renowned architect David Childs of Skidmore, Owings & Merrill. Co-CEO and Principal of GFP Real Estate, Brian Steinwurtzel, emphasized the comprehensive nature of this overhaul, stating, “This is a full reintroduction of the building. With meaningful capital investment and Fogarty Finger’s design leadership, 1540 Broadway will emerge as one of Midtown’s most distinctive and high-performing office environments.”
Key Players and Project Details
The project includes notable partnerships and expertise from various firms. Financing for the redesign comes from affiliates of Apollo, while long-term capital planning is managed by both BDT & MSD and Apollo. Jones Lang LaSalle has been appointed as the exclusive leasing agent for the property.
Set to be completed by late 2026, the renovation is strategically located just steps from major transit hubs such as Grand Central Terminal, Penn Station, and the Port Authority. This prime location facilitates easy access to most major subway lines, making it an appealing choice for employees commuting to work. The building is also within walking distance of Bryant Park, renowned restaurants, and key retailers, housing prominent companies including Pandora, Adobe, and Schrödinger.
Architectural Vision and Amenities
Leading the architectural redesign is Fogarty Finger, known for its innovative approach to architecture and interior design. The new interiors will reflect a contemporary aesthetic inspired by luxury hospitality and residential environments. Features will include natural materials, stratified finishes, and thoughtfully designed lighting to create a warm, inviting atmosphere. Office floors will range from 18,000 to 28,000 square feet, boasting floor-to-ceiling windows and a slab height of 13 feet. This configuration is intended to offer tenants greater flexibility in space arrangement, enhanced by long sightlines and ample natural light.
The redesigned building will also provide over 45,000 square feet of tenant amenities spread across two floors. An expansive 27,000-square-foot amenity center located on the eighth floor will include a fitness center, complete with a locker room and areas for recovery and movement. Additionally, shared spaces will be incorporated for social gatherings and daily activities. On the 36th floor, tenants will access an 18,500-square-foot lounge featuring panoramic city views, a bar and dining area, exclusive meeting rooms, and a landscaped outdoor terrace of approximately 6,200 square feet, perfect for hosting events.
Jason Kollander, Partner at BDT & MSD, remarked on the project’s significance, stating, “We believe high-quality office assets in strong markets will continue to outperform over time, particularly when backed by experienced ownership and targeted investment. This repositioning reflects our long-term commitment to 1540 Broadway, our conviction in New York City, and our excitement around the team’s vision to deliver space that aligns with how companies work today.”
The transformation of 1540 Broadway aligns with a broader trend of reinvestment in Midtown Manhattan, targeting office buildings that can adapt to the changing expectations of tenants. GFP Real Estate, a multi-generational developer and operator based in New York City, currently controls over 70 properties encompassing more than 17.5 million square feet in the city and surrounding areas. The partnership with BDT & MSD Partners, a merchant bank focusing on long-term investments, underscores the strategic approach to this redevelopment, promising a high-caliber office environment for the future.
