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Leases

GFP Real Estate Inks Four New Leases at 505 Eighth Ave. Totaling 12,450 SF

GFP Real Estate, LLC is pleased to announce four new lease transactions totaling 12,450 square feet at 505 Eighth Ave in Midtown.

“We have continued to see more lease extensions and overall growth at 505 Eighth Avenue,” said Allen Gurevich, senior managing director of GFP Real Estate.

In the first transaction, commercial real estate investment firm Greystone & Co renewed its lease of 7,400 square feet on the 3rd floor for an additional five years. The longstanding tenant, which has been in the building since 2007, works with the Metropolitan Transportation Authority and is conveniently situated just a block away from Penn Station. The tenant will update its space to a new, modernized look.

The tenant signed directly with the landlord, GFP Real Estate, in the transaction (direct lease). Allen Gurevich of GFP Real Estate represented the landlord, GFP Real Estate and the tenant.

In the second transaction, Construction Technology Laboratories, Inc. (CTLGroup), an engineering, architecture and materials science consulting firm, signed a five-year lease for 2,300 square feet on the 7th floor. The internationally recognized company provides expert technical services and will use its space for offices.

Stephen Sunderland of Optimal Spaces represented the tenant, CTLGroup, while Allen Gurevich of GFP Real Estate represented the landlord in this transaction.

In the third transaction, RentQuest, a full-service furniture and prop rental company signed a three-year lease for approximately 900 square feet on the 10th floor. The company specializes in custom build and original one-of-a-kind pieces and will use the space for general and executive offices.

Donna Vogel of GFP Real Estate represented the tenant RentQuest, while Allen Gurevich of GFP Real Estate represented the landlord in this transaction.

In the fourth transaction, Richmond Home Need Services, a home care service agency, renewed its lease of 1,850 square feet on the 12th floor for an additional five years. With a mission to “enhance the quality of life for individuals and families in their home with the delivery of compassionate home care,” Richmond Home Need Services is based in Staten Island.

The tenant signed directly with the landlord, GFP Real Estate, in the transaction (direct lease). Allen Gurevich of GFP Real Estate represented the landlord, GFP Real Estate.

505 Eighth Avenue, originally known as the Hoover Building, was built in 1926 by the architect Chester James Storm.  The 25-story, 275,000-square-foot building features a modernized, 24/7 attended lobby that is attended 24/7 and offers keycard access for convenient and secure access at all hours of the day.  Situated on the Northwest corner of Eighth Avenue and 35th Street, 505 Eighth Ave. is located one block away from Penn Station, with links to the A, C, E, 1, 2 and 3 subway lines, NJ Transit Trains, LIRR and Amtrak. Additionally, only a few blocks away are links to the B, D, F, M, N, Q, R and W subway lines which complement the already easy commute to and from the building.

For more information on 505 Eighth Ave., including current leasing opportunities, please call Allen J. Gurevich of GFP Real Estate at 212.609.7141, or email agurevich@gfpre.com.

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