Real Estate Weekly
Image default
Deals & DealmakersFeatured

Makeover for Fashion District tower where TAMI now rules the roost

530 7th Avenue

Savitt Partners has repositioned 530 Seventh Avenue in the Fashion District as a haven for modern TAMI tenants.

The 490,000 s/f has a 70 percent office tenancy, a major turnaround from the 95 percent fashion related companies who occupied the building five years ago.

The Savitt Partners team of Brian Neugeboren and Nicole Goetz has been at the forefront of the repositioning strategy.

“With the evolution of Fashion District into a full service neighborhood with numerous dining spots and retail destinations, we have worked diligently and in a strategic manner to make 530 Seventh Avenue the epicenter of the changes taking shape in the neighborhood by attracting TAMI and office users looking for high-quality space, as well as tenants that have grown their operations in the property necessitating subleases,” said Neugeboren.

“We are extremely proud of the work we have accomplished, and we are looking forward to maintaining 530 Seventh Avenue as the destination of choice for a variety of office space users.” “In addition to our work in the repositioning of the property, the growth of co-working environment Space530, as well as the $11 million investment and creation of The Skylark, a 365-day rooftop cocktail lounge that provides tenants with the ideal location to entertain clients, has helped to elevate the building to its current heights,” added Goetz. “Specifically, Space530 offers a membership option for office space, which many tenants use as their business grows beyond capacity prior to expanding to new space within the building. Also, the state-of-the-art meeting rooms available at Space530 make the property even more attractive to these new TAMI groups.”

The majority of the building is now occupied by TAMI tenants

Among the new companies taking space at the property is Precision Extract, Inc., a global access expert in health economic value, demonstration, pricing and commercialization excellence, which committed to a long-term sublease totaling 12,044 s/f on the 16th floor.

Stephen Bellwood and Gordon Hough of C&W represented Precision Extract in the negotiations.

10X Ventures, Inc., a venture capital firm offering legal and tech guidance to newly established companies, inked an 11,700-sq.-ft. office sublease for its first location in New York City.

The building ownership moved quickly to help 10X affect a quick sublease agreement and prompt move into its space.

Marc Kritzer and Edmond Hui of Elite Realty represented the tenant, while Travis Egenberg and Josh Berger of Norman Bobrow represented10X in the negotiations.

Another firm taking space at 530 Seventh Avenue was Alliance Media Holdings, a vertically integrated company that develops, publishes and distributes video games, hardware and accessories.

The firm, which was represented by Emilie Goldman and Kadeem Goodall-Reid of Square Foot, inked a new office lease for 1,400 s/f of space.

Lendit Conference, LLC has also relocated its operations to 530 Seventh Avenue and committed to 1,700 s/f of office space. Lendit was represented by Kelly Broderick Smith of C&W.

Kinetix, a trade management and compliance software provider for the capital markets inked a 1,700 s/f office lease. Billy Janetschek of MHP Real Estate Services represented Kinetix.

Junction 37, a media agency for brands that want to break the mold in communications expanded its occupancy at the property to 3,600 s/f on the 11th floor.

Related posts

Birch Group Reaches 90% Occupancy at 700 Alexander Park in Princeton


Crow Holdings Breaks Ground for New Logistics Development on Site of Former Marcal Paper Factory


The McBride Cohen Company, Cantor Fitzgerald & Silverstein Properties Announce the Closing  of a $223M Construction Loan for Multifamily Development in Tempe, Arizona