A partnership between Atlas Capital Group, Partners Group (on behalf of its clients) and Invesco has signed a 25,744 s/f, six-year lease for the relocation and expansion of Canada-based Spin Master Corporation’s New York City headquarters at The Factory in Long Island City.
The transaction brings Spin Master’s total lease commitment at the 1.1-million-square-foot creative loft office building to 50,802 s/f.
Spin Master will join its games and puzzle division, Cardinal Toys, on the sixth floor of the 10-story building. This additional space for Spin Master more than doubles its presence at The Factory in only six months.
The Factory Building continues to focus on supporting growing companies. “The fact that Spin Master doubled in size in less than a year proves our desire to provide a creative and amenity-rich environment that dynamic companies like Spin Master need in order to attract and retain talent,” said Jay Fehskens, senior director, Asset Management of Atlas Capital Group.
Newmark Knight Frank’s Brian Waterman, Howard J. Kesseler, Jordan A. Gosin and Alex Rosenblum negotiated the transaction on behalf of ownership.
Following the renovation of the 92-year-old former Macy’s warehouse, The Factory is attracting millennials seeking open plan workspace, as well as a wide variety of contemporary amenities.
Located at 30-30 47th Avenue in LIC, The Factory was built in 1926 and renovated to create large flexible floors with high ceilings and oversized windows.
The building’s amenities include a newly designed lounge, variety of food options, indoor bike storage, Factory Athletic Club, parking and private roof deck space.
Spin Master joins other prominent tenants who include HALO Branded Solutions, Ralph Lauren, Macy’s, and J. Crew’s Madewell among many others. Asking rent is in the low $40s per square foot