Avison Young has arranged 11 new leases and two lease renewals at 21 West 38th Street and 330 East 59th Street, bringing both buildings to 100% occupancy. The leases total approximately 50,000-square-feet (sf) for 21 West 38th Street and just over 10,000-sf at 330 East 59th Street.
Todd Korren, Principal of Avison Young, led Avison Young’s agency team efforts which handles leasing on behalf of both buildings.
“Brause Realty’s multi-generation reputation for stability and track record for investing in their assets regardless of market conditions helped drive this leasing activity which significantly outperformed other buildings within the Penn Plaza and Midtown East submarkets,” said Korren. “Our understanding of the market; the desirability of these full floors which offer dedicated air conditioning systems and new bathrooms as well as operable windows on 4 sides and our excellent collaboration with building ownership, gave us the tools to help these tenants envision their companies in their new spaces.”
According to Avison Young’s data, the Penn Plaza submarket occupancy rate is approximately 83.2% and the Grand Central submarket occupancy rate is approximately 84.7% occupancy for class-B and -C buildings.
“We are extremely pleased with the results which the Avison Young team achieved on our behalf,” said David Brause, President, Brause Realty Inc. The quality and profile of our new tenants are excellent additions to our tenant rosters.”