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Deals & Dealmakers

Accounting firm expands at 1001 Avenue of the Americas

ABS Partners Real Estate secured 13,954 s/f of new leases at 1001 Avenue of the Americas, a 24-story and penthouse office building.

The first transaction was a full-floor, 12,017 s/f lease for Schulman Lobel, which already occupied the entire 10th floor of the building and will be doubling its presence by occupying second floor, too.

The second transaction was a 1,937 s/f relocation for OLX, Inc., which will move to the 18th floor of the building from 485 Seventh Avenue.

1001 Avenue of the Americas has been modernized.

Jay Caseley of ABS Partners represented both the tenant and the landlord in the deal for Schulman Lobel. Caseley also represented the landlord in the deal for OLX, Inc., which was represented as the tenant by Elliot Warren of The Kaufman Organization. Asking rents in both deals were $52 psf.

“1001 Avenue of the Americas has gone through a major transformation. We refurbished the lobby, added high-speed fiber connectivity and made considerable upgrades to the building systems and common areas,” said Caseley.

“We only have one, full-floor availability remaining now at 1001 Avenue of the Americas, which was not the case just a few years ago. When the second floor recently became available, Schulman Lobel was eager to take it and was especially drawn to the move-in ready space with an upscale, furnished installation that the former tenant, Capital One Bank, left behind. Capital One continues to be a tenant with a retail banking branch on the ground floor of the building.”

The 240,000 s/f building, originally constructed in 1926, is located on the corner of 37th St., close to Penn Station, Port Authority Bus Terminal and Grand Central Station.

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