New York residential and retail landlord Hubb NYC has signed a lease for new office space in the Paramount Building in Midtown Manhattan. The company has secured 11,578 square feet of space on the fifth floor of the historic property at 1501 Broadway. The building is owned by Levin Management Corporation and Rosemark Management.
With this step, Hubb NYC is relocating its corporate headquarters from its previous address at 579 Fifth Avenue, a property owned by Stawski Partners, to Times Square. Real estate services firm CBRE advised on both sides of the transaction, but did not disclose specific details regarding asking rents or the agreed lease term.
Market environment and location attributes at Times Square
However, a recent market report by CBRE provides insight into general price levels in the submarket: in the third quarter, the average asking rent for office space in Midtown Manhattan stood at $85.53 per square foot. The recent leasing successes reflect solid demand for modern working environments in prime central locations.
Ryan Alexander of CBRE emphasised that the current momentum in the Paramount Building underscores the property's ability to attract a wide range of office occupiers. In addition to the prominent Times Square location, substantial landlord investment, high-quality Class A fit-outs and an expanding range of amenities have helped convince discerning tenants to commit to the building.
Advisers involved and recent new arrivals
On the landlord side, the transaction was arranged by a CBRE team comprising Ryan Alexander, Sam Spillane, Graham Walter, Nicole Marshall and Jared Isaacson. Hubb NYC was represented by Anthony Manginelli and Joe Fabrizi, also of CBRE.
The Paramount Building has already recorded notable leasing deals in recent months. Recent tenants at the property include:
- —Pickleball club CityPickle, which signed a lease for 37,000 square feet in July 2025
- —The Martha Graham Dance Company, which took around 30,000 square feet of space for its new headquarters in February 2025
