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Debt & Equity

MG Engineering renews lease at 116 West 32nd Street

MG Engineering, a construction engineering firm, has renewed and expanded its lease for 45,000 s/f at 116 West 32nd Street.

Continuing the LEED-certified consulting engineering firm’s rapid growth, the deal is the latest reflection of how engineering, architects and other firms have set records in recent years and reached new highs based on deal volume.

In recent months, Bohler Engineering opened a Manhattan office and expanded its Permitting Division, Robert Derector Associates leased 33,612 s/f in the Berkely building and COOKFOX Architects moved to a full floor at 250 West 57th Street along Billionaire’s Row,

Michael Frantz and Mitti Liebersohn of Avison Young represented MG Engineering in its new lease.

Jeffrey Rosenblatt, of Coldwell Banker Commercial Alliance, represented owner Pan Am Equities, Inc. in negotiating the long-term transaction.

MG Engineering, which has occupied the 12th and 13th floors since 2004, will also now occupy the 11th floor in addition to displaying new signage in front of the building.

The lease was expanded for about 12 years and the asking rent for the space was $52 per square foot.

Located one-half block from Penn Station, 116 West 32nd Street features 12.5 foot ceilings, tenant controlled HVAC and direct meter electric.

A newly refurbished, 24/7 attended lobby is in the final stages of completion and the property also houses such prominent tenants as City University of New York and the New York State Department of Education.

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