Hilton Hotels & Resorts has signed a full-floor, 13,619-square-foot lease at 838 Broadway, an office building owned by ZG Capital Partners in Manhattan. JLL brokered the 10-year deal.
ZG purchased the six-story asset in 2021 for $39.3 million from Hyde Park Antiques with a $28.9 million loan from JPMorgan Chase, according to Yardi Research Data. Originally built in 1876 at the former site of James T. Roosevelt’s home, the office building underwent a complete renovation in 2023.
Spectorgroup led the revamp that included modern finishes, new mechanicals and infrastructure throughout the 80,000-square-foot building. These changes brought the low-rise up to New York City Code, with a new HVAC system, and replaced all systems that were first installed in the ’70s. The renovation project, which concluded in 2024, also added new storefronts on Broadway and 13th Street, as well as a new expanded lobby with a second elevator.
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Hilton will occupy the entire sixth floor of the building. Last year, JLL arranged a same-size lease agreement at the property for GlossGenius, a software company for spas and salons, and it was the first transaction following the full renovation. The tenant roster also includes Hyde Park Antiques and Prince Global, the same source shows.
Vice Chairmen Mitchell Konsker and Benjamin Bass represented ZG Capital Partners in the Hilton lease. Vice Chairman Jeff Groh, Executive Managing Director Greg Wang, Managing Director Dan Evans and Vice President Thomas Swartz represented the tenant.
Nestled between 12th and 13th Streets in Greenwich Village, 838 Broadway is one block away from Union Square.
Manhattan remains the top office market
Manhattan continues to be the nation’ top office market, with listing rates averaging $68.08 per square foot in May, well above the national $33.15 per square foot, according to a recent Yardi Matrix report. The borough also leads the rankings for office sales, which totaled some $2.8 billion in the first five months of the year.
Earlier this month, WeWork signed a lease in Lower Manhattan, at 250 Broadway. The lease takes up five floors at the building and is the coworking company’s first deal in New York City since it exited bankruptcy last year.
In Midtown, Sigma Computing entered a 64,077-square-foot lease at One Madison Avenue. The company will be operating out of a portion of the third floor.