J.Crew is in talks to renew its lease for 300,000 square feet at Vornado’s historic LEED-EB: OM Silver-certified 770 Broadway. The company currently occupies part of the 10th and all of the 11th, 12th, and 13th floors at the 1.1 million-square-foot, 15-story tower, which dates from 1905 and was once the home of the Wanamaker Department Store.
Sources told Real Estate Weekly – which reported on J.Crew’s discussions earlier today – that the company had been looking at moving downtown, intrigued by lower rents at SL Green’s 100 Church Street. But those same sources considered such a deal unlikely; J.Crew expanded at 770 Broadway in 2009 in order to consolidate offices from 15 Penn Plaza (also owned by Vornado). As REW pointed out, “770 Broadway is something of a unique asset, a large Class A quality office building in Midtown South, a neighborhood known more for its second tier office stock. If J.Crew was to relocate, it probably would have had to travel to either Midtown or lower Manhattan in order to find a building of comparable quality, areas with a discernably less hip vibe.”
Originally designed by Daniel Burnham (of Flatiron Building fame), 770 Broadway’s $35 million renovation project included a lobby renovation, new energy-efficient windows, and an upgraded HVAC system. Perhaps its most high-profle tenant – AOL – is in pursuit of a LEED for Commercial Interiors rating for its 228,000-square-foot headquarters space, designed by architects Mancini Duffy.