Thor Equities Closes $217.5 Million Purchase of 1359 Broadway Office Tower in Midtown Manhattan

Thor Equities Group has closed on its $217.5 million acquisition of 1359 Broadway, a 22-story, 486,000-square-foot office building in Midtown Manhattan, the firm announced Nov. 2. Newmark has been named exclusive leasing agent for the property on behalf of the new ownership.

Thor Equities Acquires 1359 Broadway Near Herald Square

The building sits at the intersection of Broadway and West 36th Street, just north of Herald Square. The purchase price works out to approximately $447 per square foot.

Thor Equities described the property as occupying a prime position within one of Manhattan's established commercial corridors. The building has access to major transportation hubs, including Penn Station, and is close to Midtown's business, retail and hospitality destinations.

"New York City has always been central to Thor's investment strategy, and we remain confident in the long-term strength of the Manhattan market," said Global COO Melissa Gliatta. "1359 Broadway is a significant addition to our portfolio, and we're excited about the opportunity to build on the property's established position in Midtown."

Tenant Roster and Newmark Leasing Assignment

The multi-tenant property houses companies across the healthcare, publishing, architecture and technology sectors. Named tenants include Progyny, Bloomsbury Publishing, SLCE Architects, Crown Castle and Infinium Wall Systems.

Newmark Vice Chairmen Scott Klau and Greg Conen, along with Executive Managing Director Erik Harris, will serve as exclusive leasing agents for the building on behalf of new ownership.

Thor Equities' Manhattan and Global Portfolio

The 1359 Broadway deal follows Thor Equities' earlier purchase this year of 1165 Broadway, a 58,000-square-foot mixed-use office and retail property in NoMad, for $56 million. The firm said the transaction reinforces its longstanding commitment to New York City and its strategy of acquiring high-quality assets in premier urban markets.

Thor Equities' recent global activity includes the acquisition of an industrial site in Ireland, an asset in San Francisco and the reacquisition of the Palmer House retail space in Chicago. The company says it has a property portfolio totaling $20 billion and a development pipeline in excess of 50 million square feet. It operates in the U.S., European gateway cities including London, Paris, Madrid and Milan, and Mexico, where its Latin American division has a development pipeline of over 20 million square feet.

Manhattan Office Market Context

The acquisition comes as Manhattan office fundamentals are improving, although vacancy remains elevated by historical standards. In the second quarter of 2026, Manhattan recorded approximately 8.2 million square feet of 12-month net absorption, while vacancy declined to 12.92% from 14.13% a year earlier. Average asking rents rose to $76.89 per square foot. The average office sale price was $691.22 per square foot, with an average cap rate of 6.19%.

The implied price of about $447 per square foot for 1359 Broadway is roughly 35% below that second-quarter Manhattan average.

A separate Colliers survey showed second-quarter leasing volume of 11.02 million square feet, 29.4% above the five-year quarterly average, while availability fell to 13.0% and average asking rent reached $78.03 per square foot. By the third quarter, vacancy had declined further to 12.6%, the lowest level since before 2020, while direct asking rents reached $84.56 per square foot.

The recovery has been uneven, with well-located, higher-quality buildings drawing stronger tenant demand and rent growth, while older or less competitive properties continue to face elevated vacancy and capital needs. Thor Equities says it seeks to maximize returns by reducing operating expenses, increasing tenant satisfaction and leveraging market trends.

Sources

Thor Equities Group announcement via GlobeNewswire: https://www.globenewswire.com/news-release/2026/11/02/3393826/0/en/thor-equities-group-completes-217-5-million-acquisition-of-1359-broadway-in-midtown-manhattan.html