NEW YORK CITY — A partnership between GFP Real Estate and BDT & MSD Partners has invested $150 million to redevelop 1540 Broadway, a 907,000-square-foot office tower in the Times Square area of Midtown Manhattan. The transformation is intended to reframe the original tower, which was completed in 1990 and designed by Skidmore, Owings & Merrill. Renovations are expected to be complete by late 2026.
“Our shared vision is to create a workplace that is purposeful, well-crafted and thoughtfully executed, raising expectations for what defines a leading New York City office tower,” says Brian Steinwurtzel, co-CEO and principal of GFP Real Estate. “This is a full reintroduction of the building.”
Affiliates of Apollo (NYSE: APO) will provide financing for the project, while GFP Real Estate will oversee operations with BDT & MSD. JLL will serve as the leasing agent for the building.
Designed by Fogarty Finger, the renovation will feature extensive interior improvements and the inclusion of more than 45,000 square feet of amenities across two levels of the building.
A 27,000-square-foot “amenity hub,” located on the eighth floor, will comprise upgraded wellness facilities, a reimagined fitness center, new locker rooms, a dedicated recovery and movement zone and enhanced communal areas.
On the 36th floor, an 18,500-square-foot lounge, bar and dining area, along with a 6,200-square-foot landscaped terrace, will be built out for tenants to hold private meetings and interact with clients.
“Today’s tenants expect more than traditional office space — they want environments that support their teams, enable productive collaboration and offer a higher quality day-to-day experience for employees and clients,” says Clark Finney, executive managing director at JLL. “The market is clear: Companies are choosing workplaces that improve how people work, meet and connect. Buildings that achieve that standard are the ones attracting the most interest in today’s market.”
The renovation will also introduce a more flexible approach to space planning, with up to 250,000 square feet of contiguous space that is well-suited for larger companies like law firms, bioengineering and life sciences companies and tech and financial firms.
Current office tenants at 1540 Broadway include Pandora, Adobe and Schrödinger.
Founded in 1952, New York-based GFP Real Estate owns and manages approximately 16 million square feet of real estate, including the Flatiron Building, The Film Center Building, 515 Madison Avenue and 40 Worth Street.
BDT & MSD Partners is a merchant bank with an advisory and investment platform that serves the needs of business owners and long-term investors. Since 2010, the firm’s affiliated funds have deployed more than $50 billion across various investment strategies.
— Abby Cox