Helmsley Spear announced a 20,000 s/f sublease to Keller Williams for the 10th floor of 99 Park Avenue.
Keller Williams is a well-known national residential real estate brokerage firm. Gould Paper Corporation, the current tenant, will continue to occupy 8,718 s/f of the space. The sublease term runs through December, 2023.
All 355 Keller Williams agents plus all corporate staff will be relocating to the new office. “We decided to move to reposition ourselves in the heart of Manhattan,” said Rich Amato, operating principal, KWNYC.
“The new headquarters is a massive upgrade in quality, while at the same time providing a central location for our agents,” says Mark Chin, CEO, KWNYC.
The Helmsley Spear leasing agents for this sublease were Kent M. Swig, President, Andrew G. Simon, Executive Vice President, and Brett Zelner, Vice President. Edward N. Kalisvaart of Keller Williams NYC represented the tenant.
“This is a wonderful opportunity for a prominent national tenant to take immediate occupancy for their New York offices at a prime Grand Central location,” said Zelner.
The space offers four sides of light with 25 windowed offices, three conference rooms, three large bullpen areas, two wet pantries with eat-in kitchens, storage and filing space, and a reception area. The entire space was built out for immediate occupancy. The building has a 24/7 attended lobby and an in-building 100 car garage.
“The 10th Floor of 99 Park offered this corporate tenant unique immediate occupancy enabling them to establish a prominent presence in a Class A building with unrivaled transportation access in Midtown Manhattan,” said Andrew G. Simon.
Market experts have predicted a surge in office leasing as the coronavirus re-writes the working habits of millions.
Second quarter reports show that the supply of Manhattan sublet space now accounts for more than one quarter of total available office space in the borough and, if the downturn follows historic norms, this could double by the end of the year.
JP Gould is a global paper distributor, representing major domestic and offshore mills. No comment from so far from the firm on its decision to sublease the space.