Space Forward: Ideas Competition for Repositioning of 1407 Broadway

Less than 12 hours are left for the contest deadline.
Please visit the contest website for additional info.
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THE LIGHTSTONE GROUP LAUNCHES
SPACE FORWARD: IDEAS COMPETITION FOR REPOSITIONING OF 1407 BROADWAY
“RE-IMAGINE YOUR WORKPLACE” INVITES INNOVATIVE THINKERS TO PARTICIPATE IN CREATIVE IDEAS COMPETITION TO CREATE IDEAL WORK ENVIRONMENT
$14,000 goes to jury prize winner with $3,000 prize for 3 runners-up
New York, NY, (April 2, 2014) –1407 Broadway, a premier building in Times Square South undergoing a dramatic transformation with extensive building renovations and an image repositioning, has launched a contest inviting designers to create the ideal work environment – with the winner receiving $14,000.
The Lightstone Group, owners of the building, and its branding partner CO OP, launched the competition to foster an environment that sparks creativity and collaboration through the building’s new office spaces, amenities and creative tenant mix.
The “Space Forward: Ideas Competition” launching on April 2ndvia a new website www.1407bway.com/competition and digital media campaign, invites contestants to “Re-Imagine Their Workplace” at 1407 Broadway. It is a “call to collaborate” and capture design ideas behind today’s ideal work environment and culture by the very people that will inhabit the workspace. The contest is open to anyone (not just designers) and invites innovative thinkers to re-imagine their workplace. The objective is to capture the trend of transformation in today’s work environments and culture.
A jury of industry thought-leaders in architecture, media, tech, fashion and branding include: Alex Iskold, Managing Director, TechStars NYC; Matthias Hollwich, founder of Architizer and professor at PennDesign; Glen Cummings, professor at Columbia’s Grad School of Architecture; Kyle Barker, Head of Architecture, WeWork.
Submissions are due by May 15, 2014 and the jury will announce the winner and runners-up on June 20, 2014 where the winner will be awarded $14,000. Three runners-up will each receive a cash prize of $3,000.
The iconic 1.1 million-square-foot building, owned by The Lightstone Group in partnership with Lightstone Value Plus REIT, Inc. (LVPR), began the process of rebranding with the installation of a dramatic and visually eye-catching construction bridge enveloping the building – – a 20+ foot high graphic of uniquely illustrated eyes and the tagline “LOOKING DIFFERENTLY.” The goal is to reposition the building towards the technology, media and creative industries, which are currently experiencing explosive growth and moving north of Chelsea and the Flatiron markets.
The Lightstone Group commissioned a construction bridge to illustrate the transformation underway at 1407 in an impactful and differentiating way. The innovative visuals underscore 1407’s new creative orientation, as well as the diversity of its tenant mix which spans the tech, media and fashion industries. The bridge design announces that 1407 is not only undergoing exciting physical transformations but is also positioning itself to appeal to today’s diverse client mix
“This approach captures the essence of how we are seeking to reposition 1407 Broadway,” said Mitchell Hochberg, President of The Lightstone Group. “Broadway in Midtown has really transformed into an active office corridor and we think the planned renovations will make 1407 Broadway highly attractive to the tech, media and creative businesses that are moving north.”
CBRE Group, Inc. is the exclusive leasing agent for the building. Capital improvements to the building will be overseen by Fogarty Finger Architecture PLLC and will include upgrades to the infrastructure and systems such as HVAC and electrical, along with renovations of the main lobby, floor-by-floor common areas and street level retail storefronts. Enhanced technology systems such as telecommunications risers, high speed internet, and a transfer system for massive amounts of data will be installed. The 13,000-square-foot floor plates of The Tower (floors 23 – 42) and base floors ranging in size from 40,000 to 50,000 square feet will be built out to meet the unique needs of contemporary office tenants.
About The Lightstone Group
The Lightstone Group, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone’s portfolio consists of more than 11,000 multifamily units, 8.1 million square feet of office, hotel, retail and industrial assets, and 12,000 fully-improved residential lots throughout the United States. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling over 8 million square feet. Lightstone is one of the most active residential developers in New York City with more than 1,600 rental units currently under development in Manhattan, Brooklyn and Queens.
For more information, visit www.lightstonegroup.com.
About LVPR
LVPR is a public, non-traded REIT sponsored by The Lightstone Group that offers shareholders an opportunity to invest in a diversified portfolio of real estate. LVPR is currently closed to new investors.
For more information, visit www.lightstonecapitalmarkets.com.
Forward-Looking Statements
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. These statements are based on LVPR’s current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on any forward-looking statements.



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