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Deals & Dealmakers

Leases: ATCO closes five-year deal on W. 35th Street

ATCO Properties & Management finalized a five-year lease for contemporary theater organization The New Group’s administrative offices at 240 West 35th Street, an 18-story, 165,000 s/f building in the Garment District. Productions in The New Group’s 2018-19 season take place at The Pershing Square Signature Center. The new lease encompasses 4,632 s/f on a portion of the 12th floor at the property, located near Times Square, the Theater District, Penn Station, shopping, and restaurants. The company expects to relocate its administrative offices, currently located at 410 West 42nd Street, in December 2018 when its lease expires. Atco Brokerage Services’ John Cinosky and Colin Godwin represented the landlord in the transaction. Christopher Turner and Maxwell King of Denham Wolf Real Estate Services represented the tenant. Asking rent was $56 per square foot.

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Barry Spagna

Cresa’s Robert Stella, Principal, and Vice Presidents Barry Spagna and David Harrell arranged a lease for business to business financial publisher Pageant Media at 41 Madison Avenue. It will be moving from its current 3,400 s/f office at 200 Park Avenue South, expanding to more than twice the space, totaling approximately 8,205 s/f, within the glass and steel high-rise. The landlord, Rudin Management, was represented in-house by Rob Steinman. Pageant Media will take occupancy of its new office on November 1, 2018. The lease term is 10 years and asking rent was $83 psf.

 

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Handler Real Estate Organization arranged a long-term, 5,573 s/f relocation and expansion at 180 Varick Street on behalf of Civic Builders, a non-profit facilities developer that provides turnkey solutions for New

Darrel Handler

York charter school real estate needs. Civic Builders — which will occupy its new space at 180 Varick by year’s end — is relocating into larger space from a nearby location to accommodate its current and future growth, noted Handler Real Estate Organization EVP Darell Handler, who along with colleague Helen Kim arranged the lease on behalf of the tenant. Owned and operated by Olmstead Properties since 1920, the 17-story, 300,000 s/f Class A office building recently underwent a comprehensive renovation project, including a new lobby, common areas, and bathrooms. Steven Marvin, with Olmstead Properties, represented ownership in-house on the transaction.

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Cushman & Wakefield arranged three new leases at the Lion Match Building located at 22-15 43rd Avenue in Long Island City, NY. A team consisting of Joseph Grotto and Edward Kent represented the landlord and managing agent, Werwaiss & Co., Inc. in each transaction.

  • RCN Telecom Services of New York, L.P., an industry-leading provider of high-speed internet and digital tv and phone services, signed a 10-year lease for 6,944 rentable square feet (RSF) on the recently renovated second floor. RCN will be consolidating their footprint and moving from their current premises on the entire fourth floor of the building. The tenant was represented by Robert Meyer and Gary Kamenetsky of CBRE.
  • ClearChoice Management Services, LLC also recently signed a 10-year lease for 9,170 RSF on the third floor of the building. Through its affiliates, ClearChoice operates 45 dental implant centers across the U.S. The company was drawn to the convenient location of the building, which is a short walk from seven subway lines, as well as the proximity to the rapidly growing Long Island City residential community. ClearChoice was represented Patrick Steffens, Martin Cottingham, and Michael Gottlieb of Avison Young.
  • Werwaiss & Co. Inc. relocated its offices from midtown Manhattan to newly-built space on the third floor of the building. The location provides both a convenient commute from midtown Manhattan and close proximity to Werwaiss & Co.’s Long Island City and Western Queens portfolio of more than 75 properties. The space will also serve as a model office for potential future tenants of the building.

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New Street Realty Advisors arranged a lease transaction at 147 West 35th Street between Discover 7 Travel and Landlord, Masar Properties N.V. LTD. Discover 7 Travel leased 1,400 s/f on the 16th floor and anticipates opening a new office in November 2018. Joshua Gettler, Christopher Bruggers, and Matthew Gorman of New Street Realty Advisors, LLC acted on behalf of Discover 7 Travel, and the Landlord was represented by Falcon Properties. Discover 7 Travel is a bespoke experientially-focused travel curator that works with high-net-worth travelers.

NEW JERSEY

Pork Chop’s BBQ has leased 2,700 s/f at Capitol Plaza in Ewing Twp. The new location represents the second New Jersey restaurant for the Portuguese-inspired barbecue concept, according to Levin Management Corporation (LMC), exclusive leasing and managing agent for 355,000 s/f mixed-use property. LMC Senior Leasing Representative Andrea Kyriacou arranged the lease.

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