The LeFrak organization has announced a run of pre-built office leases at its 34-story tower at 40 West 57th Street.
Before the units could be constructed, leases were signed in a matter of weeks for more than 25,000 s/f of pre-builts comprising four different offices, noted Howard Fiddle, vice chairman of CBRE Group, Inc., who leads the leasing team for 40 West 57th treet.
LeFrak has designated the 14th and 15th floors — a total of 50,000 s/f — for the pre-built offering.
In the largest transaction, Gruss Asset Management L.P., a financial investment advisory firm presently located at 667 Madison Avenue, leased a 13,500 s/f unit on the building’s 14th floor while PSQ Capital, an investment firm, took 4,250 square feet on the 15th floor.
Two other financial companies leased space on the 14th floor — TSE Capital (4,250 s/f) and CMDTY Capital (3,250 s/f).
The pre-built spaces feature state-of-the-art marble reception areas, private glass-walled office and conference rooms, high ceilings that are exposed throughout the open areas, new restrooms, fully-equipped pantries and panoramic views of the Midtown skyline.
“As the resurgence of 57th Street corridor continues, we’re delighted to meet the needs of the boutique space user in the same way we handle the space requirements of larger companies – by providing outstanding amenities, infrastructure and management services,” said Richard LeFrak, chairman and president of LeFrak.
“The speedy lease-up of our pre-built program at 40 West 57th Street is a testament to the quality of our units and desirability of our building’s location.”
John Nugent and Chris Adamo of CBRE represented TSE Capital in its leasing transaction while Lloyd Desatnick of Jones Lang LaSalle represented PSQ Capital.
Steve Berliner and Peter Cipriano of Studley represented CMDTY Capital.
Fiddle represented the building ownership in all three of the transactions. Asking rents at 40 West 57th Street range from the mid-$80’s on the lower floors to more than $100 a square foot on the tower floors.
According to Fiddle, three pre-built suites are still available, each ranging in size from 4,000 to 13,500 s/f. A select number of full floors are also currently available for lease.