New Breed of Creative Class Tenant Heads to Financial East Submarket

Silverstein Properties this month leased a 50,000-square-foot block of space at 120 Broadway to Beyer Blinder Belle Architects & Planners LLP, taking advantage of the incipient migration of a new breed of tenant into the Financial East area.

The prewar buildings that predominate in the submarket, which includes the financial landmarks along Broad and Wall Streets, have long since ceased attracting the biggest banks, law firms and insurers. Still, while vacancies in the submarket remain at almost 14 percent, local landlords and brokers say the flow of nontraditional tenants into the area is beginning to gain momentum.
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New Breed of Creative Class Tenant Heads to Financial East Submarket