Colliers International has arranged an 11,000-square-foot transaction at 2 Penn Plaza, with iLevel Solutions subleasing a portion of Forest Electric’s space on the fourth floor.
Forest Electric, a subsidiary of EMCOR Group Inc., provides a range of commercial electrical contracting services to end-users, building owners, and construction companies. Forest Electric has a second office in New Jersey.
iLevel Solutions provides private equity firms with a cloud-based platform to optimize investment performance and reports to institutional investors.
Recently spun out of the Blackstone Group, iLevel Solutions has experienced triple-digit growth in signing new clients and adding employee headcount.
“iLevel Solutions needed more space for staff to develop innovative software and support top tier customers,” said Ted Rotante, an executive managing director with Colliers International, who along with colleagues Ernest DeLucia and James Marcellino represented Forest Electric in the sublease transaction.
“The iLevel team wanted office space consistent with a technology company culture while also affording a convenient commute.”
Built in 1967, 2 Penn Plaza is a 29-story commercial building located on Seventh Avenue between 31st and 33rd Streets.
The building sits atop of Pennsylvania Station and is steps away from Macy’s Herald Square and Madison Square Garden.
Other tenants at the property include MSG Network, radio stations WABC, WEPN, WRXP, and WPLJ, as well as Charles Schwab & Co., JP Morgan Chase Manhattan Bank, and the editorial offices of Architectural Records, among others.
Mark Mandel, of Cushman and Wakefield, represented the sub-tenant, iLevel Solutions, in the transaction.
