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Deals & Dealmakers

Avison Young arranges six new office leases at 21 West 38th Street

Avison Young announced today that its New York office has arranged six new leases totaling 26,790 square feet (sf) for Brause Realty Inc. at 21 West 38th Street, bringing the building to approximately 90% leased. Award-winning communications firm Infinite Global, English language school Just English, electronic equipment wholesaler Migear International Group, nonprofit organization Advertising Club of New York, investment company Aulder Management and privately held real estate capital advisory group Leviathan Capital each signed full floor 4,465-sf leases for floors 16, 14, 13, 12, 11 and 9, respectively.

Avison Young Principal Todd Korren and Associate Rachel Rosenfeld, who are both based in the firm’s New York office, represented the owner, an affiliate of Brause Realty Inc., as the exclusive leasing agents for the building.  As a result of their success, Brause Realty Inc. has tapped Avison Young to lease two of its other properties at 254 West 31st Street and 330 East 59th Street. Just English was represented by Jason Lund and Damla Barrett at Colliers, Leviathan Capital was represented by Dan Lolai and Mike Hymowitz at LSL Advisors, Migear International was represented by Jack Cohen at Spaces NYC, Infinite Global was represented by Matt DeRose at Nomad Group, Aulder Management was represented by Jeff Zund of Resolution Real Estate Partners and The Advertising Club of New York was represented by Brian Weld and Matthew Etlinger of Cushman & Wakefield in the negotiations.

“21 West 38th Street has proven to resonate with a diverse range of companies who cite the building’s column-free floor plates and three sides of oversized windows as desirable traits that foster a bright, inviting work environment that supports collaboration and innovation, which has become an imperative tool for talent recruitment and retention in today’s market,” said Korren. “The building’s central, transit-oriented location and stable ownership have also been key factors in its continued leasing velocity.”

21 West 38th Street is a 17-story office building with full single tenant floors of 4,465 sf. The building features pre-built and built-to-suit spaces with each floor containing operable windows, dedicated air conditioning systems and private restrooms.  An elevator modernization featuring new cabs and mechanicals will be completed soon.  21 West 38th Street is located between Fifth and Sixth Avenues in Midtown Manhattan in the commuter triangle, providing convenient access to the 4,5,6,B,D,F,M,N,Q,R and W subway lines.  Amazon recently purchased the former Lord & Taylor building steps from 21 West 38th Street for its east side office campus.

“Despite taking over leasing for 21 West 38th Street mid-pandemic, Avison Young successfully signed six new leases at the building in a short eight-month timeframe. We value our long-established relationship with the team and are pleased to continue working together on the leasing for 254 West 31st Street and 330 East 59th Street,” said Melissa Brause Rackoff of Brause Realty.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2021 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.

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