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NoMad Tower, the transformed office address previously known as 1250 Broadway, has snared Zillow Group as its first new major tenant, Realty Check has learned.
The online residential real estate marketplace signed for 130,000 square feet on the eighth through 12th floors, sources said. That’s double what it now has at 130 Broadway, which it will leave for its new home next year.
Eyal Ofer’s Global Holdings Management Group bought the 39-story, 800,000-square-foot 1250 Broadway for $565 million in 2016. Ofer, whose estimated $9.4 billion net worth is said to make him Israel’s richest man, has invested an additional $80 million into glamorizing the previously nondescript building.
Signs around the property touting it as “NoMad Tower” and promising lots of upgrades prompted us to call JLL’s Paul Glickman, who represents the landlord with his firm’s Mitchell Konsker, Diana L. Biasotti, Benjamin Bass and Harley Dalton, along with Global Holdings’ Craig Panzirer in-house.
Confirming the Zillow deal, Glickman said the strategy is to reorient the building toward NoMad, the once mainly wholesale district astride Broadway between Madison Square Park and Koreatown. It’s now home to some of Manhattan’s trendiest hotels — including the rising new Virgin hotel and Ritz-Carlton a few blocks south — and such big-name restaurants as The NoMad and The Breslin.
“NoMad is where all the energy is,” Glickman said.
The lobby, now on the West 32rd Street block dominated by Korean restaurants, will be replaced by a new one on NoMad-facing West 31st Street. It will connect with an amenities facility for tenants only that will include a 100-seat amphitheater and lounge. The lower floors of the tower will sport a new facade.
Talking of other changes, Glickman said that the new lobby, unlike the old one, will have no marble, but architectural concrete.
Global Holdings is capitalizing on the move-out at year-end of Visiting Nurse Service, which will leave behind 435,000 square feet. The imminent exit of the tower’s largest tenant opened the door to rethinking the entire building.
Zillow will have exclusive use of a 5,000-square-foot terrace overlooking Broadway and running the length of the west-facing facade from 31st Street to 32nd.
While Glickman declined to discuss rent, Midtown South brokerage sources said the “ask” was in the high $70s to low $80s per square foot on lower floors, increasing to the high $80s to the low $90s on upper floors.
Zillow was repped by Cushman & Wakefield’s Ed Wartels and Justin Halperin and by Flinn Ferguson’s Parker Ferguson.