Thor Equities Group has closed on a $217.5 million purchase of 1359 Broadway, a 22-story, 486,000-square-foot office building just north of Herald Square in Midtown Manhattan. The New York-based investor announced the closing on Nov. 2, 2026.
The price works out to roughly $448 per square foot, by RealtyWire’s calculation from the figures in the announcement. Thor did not disclose the seller, the financing or the building’s occupancy rate.
The building and its tenants
1359 Broadway sits at the corner of Broadway and West 36th Street, with what Thor called convenient access to Penn Station. According to Thor, its tenant roster includes fertility-benefits company Progyny, Bloomsbury Publishing, SLCE Architects, wireless infrastructure firm Crown Castle and Infinium Wall Systems, a mix the firm said spans the healthcare, publishing, architecture and technology sectors.
Newmark Vice Chairmen Scott Klau and Greg Conen, along with Executive Managing Director Erik Harris, will be the exclusive leasing agents for the new ownership, the release said.
“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 Melissa Gliatta, Thor’s global chief operating officer. “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.”
Thor’s Manhattan buying streak
The deal adds to Thor’s recent Manhattan buying. Earlier in 2026, the firm bought 1165 Broadway, a 58,000-square-foot office and retail property in NoMad, for $56 million. Thor also cited recent deals outside New York: an industrial site in Ireland, an asset in San Francisco and the reacquisition of the retail space at Chicago’s Palmer House.
Thor describes itself as owning a $20 billion property portfolio with a development pipeline of more than 50 million square feet, including assets in London, Paris, Madrid and Milan and a Latin American division that it says is the largest developer in Mexico.
A Midtown market that has been tightening
The deal lands in a Manhattan office market that brokerage data show has been firming. In its third-quarter 2026 Midtown figures, published Oct. 7, CBRE reported that Midtown’s availability rate fell 60 basis points from the prior quarter to 12.1%, and was down 240 basis points from a year earlier. Leasing totaled 4.35 million square feet in the quarter, which CBRE said was 6% ahead of the five-year quarterly average, and net absorption was a positive 1.48 million square feet.
Rents have been steadier than occupancy. CBRE put Midtown’s average asking rent at $85.53 per square foot, “essentially unchanged quarter-over-quarter but up 3% year-over-year.”
RealtyWire has tracked that recovery in stories such as SL Green filling 245 Park Avenue and Colliers data showing Midtown South leading a jump in July leasing.
On our reading, a sub-$450-per-square-foot price for a large, multi-tenant building one block from Herald Square is a bet that the recovery reaches beyond Park Avenue-style trophy towers to older, transit-served buildings. The established tenant roster gives Thor existing income to work from. The disclosure that a Newmark team will handle leasing is the clearest signal of the plan; how quickly the building’s vacant space, if any, fills will determine whether the price proves cheap.
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