Real Estate Weekly
Image default
Deals & Dealmakers

LEASES: Mass Mutual signs long-term lease in Midtown, Kaufman Org. secures two full-floor leases

Massachusetts Mutual Life Insurance Company (Mass Mutual) has signed a long-term lease for a portion of the 9th floor comprising 9,200 S/F of space at Charles S. Cohen’s 622 Third Avenue at 41st Street. Mass Mutual expects to relocate from 292 Madison Avenue in the fourth quarter of this year.

622 Third Avenue is now over 90 percent leased. A variety of spaces ranging from 4,000 to 32,000 s/f full floors are presently available in the building. Marc Horowitz, Senior Vice President and National Director of Office Leasing for Cohen Brothers Realty Corporation, along with a Colliers International leasing team of David Glassman and Joseph Cabrera represented the building’s ownership in the seven-year leasing transaction, while Stuart Romanoff and Amy Fox of Cushman & Wakefield represented the tenant. Asking rent was $58 psf.

•••

The Kaufman Organization secured two full-floor leases, totaling 10,836 s/f at 19 West 24th Street (19W24) within its Madison Square Portfolio. With these two leases, the building is now 85 percent occupied with two floors remaining. Kaufman’s Grant Greenspan, Michael Heaner, and Elliot Warren represented landlord, 19 West 24th LLC, in each transaction.

Asking rents were in the low-to-mid-$70’s per square foot for each transaction. The latest tenants at 19W24 are:

• TransferWise, a financial service platform from the people who created Skype and PayPal, allows users to transfer money abroad with real exchange rates, sans hidden foreign exchange fees. The co-founders came up with the concept in 2007, when they began trading money with each other to avoid bank fees. The company signed a five-year, 5,418 s/f lease on the ninth floor at 19W24. Michael Thomas of Colliers International represented tenant.

• Pursuit Advisory LP is an investment bank that provides transaction and strategic advice to media, technology, digital and private equity clients. The company has established a differentiated model that combines advisory and investing capabilities to target opportunities for their clients. Pursuit Advisory signed a five-year, 5,418-square-foot deal for the eighth floor at 19W24. Arash Sadighi of The Square Foot represented tenant.

•••

Royal Properties, Inc. announced the following leases:

• Orangetheory Fitness signed a 10-year lease with two 5-year options for 3,400s/f in Bethpage Plaza at 4025-4045 Hempstead Turnpike in Bethpage, NY. Jeanine Kemm of Royal Properties, Inc. represented the landlord in this transaction.

• Experimac signed a five-year lease with a five-year option for 2,160 s/f in Cherry Valley Plaza at 456-488 Hempstead Turnpike in West Hempstead, NY. Jeanine Kemm represented the retailer.

• Scottrade, Inc. signed a seven-year lease for 1,613 s/f in Ransley Square at 11 Merritt Boulevard at Route 9 in Fishkill, NY. Scott Meshil and Craig Benson of Royal Properties, Inc. represented the landlord. Sansone Group and Lee & Associates represented Scottrade.

•••

Simone Development Companies announced signing five new leases totaling approximately 10,800 s/f medical, restaurant and retail space at the Boyce Thompson Center, a new 85,000 s/f mixed-use center under construction in Yonkers, NY.

• Gastroenterology of Westchester LLC and Juvanni MedSpa & Anti-Aging Center/Primary Medical Care have signed leases of 4,812 s/f and 1,840 s/f, respectively.

• Taco Project Yonkers, an award-winning restaurant, signed a lease for 1,470 s/f; Tompkins Mahopac Bank has leased 1,670 for a new branch location; and PLUSH Blow Dry Bar salon is leasing 972 s/f.

With the signing of the five leases, approximately 35 percent of the Boyce Thompson Center is leased. Late last year, Fortina, an Italian restaurant, signed a lease for 5,587 s/f on the main level of the building. St. John’s Riverside Hospital is leasing the entire two-level 15,000 s/f freestanding building at the center for medical offices.

•••

Adams & Co. Real Estate completed a 9,223 s/f transaction for Sensual Inc. at 463 Seventh Avenue. The company is relocating its headquarters to the 11th floor space of the 22-story building in the Penn Station submarket. David Levy, principal, represented the landlord, The Arsenal Company LLC.

Dan Lolai of LSL Advisors represented the tenant. Asking rent was $44 per square foot. According to the terms of the deal, Sensual Inc. will begin a direct, seven-year lease from the landlord in 2020. Until then, Sensual Inc. will be subleasing the space from OSP Group. Sensual Inc. specializes in trend-driven lingerie for women.

•••

Steinbridge Group has relocated its headquarters to 4 World Trade Center. The real estate investment firm’s space is part of concierge-managed office space offered by Silverstein Properties.

Led by CEO Tawan Davis, Steinbridge now occupies offices on the concierge-managed 29th floor at 4 World Trade Center, which includes 44,000 s/f of space, with conference rooms, business lounges, skype rooms, a break room and more. Other major tenants in the building include the City of New York, Morningstar, MediaMath, and the Port Authority of New York & New Jersey.

Having already closed on $200 million in U.S. real estate acquisitions so far this year, Steinbridge is currently focused on acquiring income-generating assets in the Washington, DC, Boston, and New York City markets. They are finalizing the acquisition of an additional $500 million in assets, with another $1 billion worth of acquisitions in the pipeline.

•••

David Block of CBRE’s Westchester/Connecticut office, along with Peter Danna of the firm’s Dallas operations represented Regus, the world’s largest provider of flexible workspace, in a 14,896 s/f office lease at 100 South Bedford Road in Mount Kisco, NY. The new lease represents Regus’ eighth office location in Westchester County.

The shared office space provider currently operates over 140,000 s/f of office space throughout Westchester County. Owned by the commercial investment and management firm, Diamond Properties, 100 South Bedford Road is a 91,000 s/f Class A office property.

•••

Bagel World Plaza, a 16,000 s/f strip center in Manalapan, has leased an 800 s/f store to massage specialists Ping’s Spa. The lease was negotiated in house by Bobby Engel, property manager of owner Rudder Realty Corp. Bagel World Plaza is located on Route 9 northbound directly behind the NYC commuter bus shelters.
•••
Three law firms have renewed leases totaling approximately 2,100 square feet at Court Plaza South, located at 21 Main Street in Hackensack. The Class A office complex is owned and managed by Alfred Sanzari Enterprises.
• Charles C. Abut Esq. renewed his 1,125 s/f. The firm specializes in the mediation, arbitration and litigation of family law matters.
• The Reinartz Law Firm – a personal injury firm – renewed its 525 s/f leas;
• Family law attorney Kenneth M. Grossman renewed his 470-square-foot lease.
All three transactions were negotiated in house by Stephen C. Jennings, Alfred Sanzari Enterprises’ vice-president of leasing and marketing.

•••

NAI James E. Hanson announced the following leases:

• 25,134 s/f of industrial space located at 475 Division Street in Elizabeth, N.J. was leased to Metrofuser, a global innovator, re-manufacturer and marketer of printers, parts and training. Barry Cohorsky, SIOR and James Kenah represented the owner, Tree Realty, LLC in the transaction. Herb Zimmerman and Jeff Goldfinger of Bussel Realty represented Metrofuser.

• 2,576 s/f was leased to C Land Realty at the Southpole office building located at 222 Bridge Plaza South in Fort Lee, NJ. Randy Horning and Darren Lizzack represented both the tenant, a real estate company, and the landlord, South Pole Fort Lee, LLC, in the transaction.

• A 36,652 s/f full building lease to Premier Packaging Products Inc. for an industrial building located at 482 Barell Avenue in Carlstadt, N.J. Jeff DeMagistris, SIOR and Tom Vetter, SIOR represented the owner, Sitex Group, in the transaction. Jeff Chaus of Chaus Realty represented the tenant. Premier Packaging Products Inc., a paper, foodservice, and janitorial product supplier, will relocate from Brooklyn. The 36,652 s/f building includes 2,400 s/f of office space.

Related posts

Senior housing development tops out in Hunts Point, Bx.

REW

Savills arranges sale of land underlying Bank Note Building

REW

ON THE SCENE: Bestreich Realty Group announces the sale of 854 Hancock Street in Bed Stuy

REW