Avison Young selected by Paramount Building owners as exclusive office leasing agent for 1501 Broadway in Times Square

Firm to lease and market office space at iconic Midtown Manhattan commercial tower

NEW YORK CITY, Dec. 3, 2012 /CNW/ - Paramount Leasehold, L.P. today announced the selection of Avison Young as the exclusive office leasing agent for Paramount's commercial building at 1501 Broadway in the heart of Midtown Manhattan's Times Square district.

Also known as The Paramount Building, the iconic 33-storey, 690,000-square-foot (sf) tower had an exceptional history at the forefront of popular culture during the building's earlier years, and today is home to a diverse mix of companies that are drawn to the property's appeal as an architecturally distinct and strategically located business address.

States William Farber, Co-Managing Partner of Paramount Leasehold, L.P., owner of the building for 40 years: "Ownership is committed to further enhancing 1501 Broadway's position in the marketplace through reinvestment, and we look forward to working closely with Avison Young to devise a strategic repositioning program that will deliver a superior office environment and attract high-caliber tenants."

The Avison Young team handling the assignment includes Arthur J. Mirante, II, Principal and Tri-State President; Michael Gottlieb, Principal; and Thomas Hines, Associate. The building is the inaugural office leasing agency assignment in Manhattan for Avison Young, which opened its first New York City office in April of this year.

"This building is a true New York City landmark and its location within the vibrant Times Square district provides tenants with excellent access to multiple modes of transportation, as well as proximity to first-rate hotels and the neighborhood's numerous world-class dining, shopping and entertainment options," comments Mirante. "I am confident that our integrated platform and unique service approach will translate into strong results."

Adds Gottlieb: "The Times Square neighborhood is poised to attract increased activity from the expanding new media and tech sectors, and 1501 Broadway will feature column-free, big-block spaces that are well-suited to accommodate high-tech companies and larger users, while offering existing opportunities for users with smaller space requirements. We anticipate a tremendous amount of excitement to be generated by the building's repositioning."

Last renovated in 2006, 1501 Broadway offers a variety of office space availabilities ranging from several hundred square feet to a large block of more than 100,000 sf. The tower's street level currently houses destination restaurants Hard Rock Café, Bubba Gump Shrimp and Carmine's, among others, as well as major retail outlets for Levi's, Lids and Yankee Clubhouse.

Originally built in 1926 as the East Coast headquarters for Paramount Pictures, the property had a long legacy of housing The Paramount Theater, which served as one of New York City's premier entertainment venues for movies and live performances until it closed in 1964.

The Paramount Building, which was designed by the Chicago-based architecture firm Rapp and Rapp, was among the tallest buildings in Manhattan at the time of the tower's completion. The structure is well known for its distinctive Art Deco architecture (which is particularly evident in the dramatic lobby) as well as a prominent, four-faced clock, which sits just below an ornamental 20-foot glass globe that illuminates at night and visually and audibly alerts theatergoers to their approaching curtain times.

"We are honored that the building owners have selected Avison Young as the exclusive office leasing agent for this property, and are committed to providing our brand of best-in-class service to bring continued success to this asset," adds Greg Kraut, Principal and Managing Director of Avison Young's New York City office. "This assignment significantly strengthens Avison Young's New York City market presence and is a testament to our team's extensive experience and track record of success in identifying high-quality tenants for prominent properties."

1501 Broadway is located between 43rd and 44th Streets, one block from the central Times Square subway complex, two blocks from the Port Authority Bus Terminal and within walking distance of Penn Station and Grand Central Station. The immediate neighborhood is home to some of the world's foremost retailers and entertainment destinations.

In February, Avison Young was named a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business.

Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America. Comprising more than 1,100 real estate professionals in 42 offices across Canada and the U.S., the full-service commercial real estate company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.

For further information/comment/photos:

New York Media Relations:
• Christa Segalini, Vice-President, Beckerman PR: [phone]
• Elliot Baum, Principal and Vice-President of Marketing, New York, Avison Young: [phone]

Avison Young Media Relations:
• Sherry Quan, National Director of Communications & Media Relations, Avison Young: [phone]; cell: [phone]

www.avisonyoung.com

Avison Young is a winner of Canada's 50 Best Managed Companies program for 2011, sponsored by Deloitte, CIBC, National Post and Queen's School of Business

Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals

Follow Avison Young Bloggers: http://blog.avisonyoung.com

SOURCE: Avison Young Commercial Real Estate (BC)

Media Relations:              
Christa Segalini, Beckerman PR                 
[phone]; [phone] cell
email: [email protected]

Sherry Quan, Avison Young               
[phone]; [phone] cell
email: [email protected]