There is life in the Times Square office market despite the recent exits of several large tenants. Trend-setting lab-created jewelry chain Pandora is relocating its US headquarters from Baltimore to 1540 Broadway, the former Bertelsmann Building, taking up 27,936 square feet on the 35th floor. Sources said the rent was $82 per square foot for a 15-year lease.
A source said Pandora was drawn to the centerpiece of the expansive views and the building’s lavish new facilities.
No broker would comment. Clark Finney and Frank Doyle led a JLL team that represented the landlord. A separate JLL team worked for Pandora.
As we reported last spring, the 44-story tower, which is owned by Edge Fund Advisors and HSBC, Secured $590 million in funding For office floors (Vornado owns retail space). It’s now about 70% leased.