Full-service commercial real estate firm ABS Partners Real Estate, LLC announced that it secured a 10-year, 16,000 s/f lease for Prime Office Centers at 521 Fifth Avenue, one of SL Green’s Grand Central properties.
Prime Office Centers, which leases high-quality office space to new and growing businesses, opted to renew its lease two years early on the 17th floor.
The company will be renovating the space to include new windows, bathrooms and breakrooms, a new kitchen area, and new lighting and ceilings.
Alan Friedman and Robert Finkelstein of ABS Partners Real Estate represented Prime Office Centers in the transaction, while SL Green was represented in-house by David Kaufman.
“Prime Office Centers opted to renew its lease early, extending its agreement until 2029, because of the benefits that would afford the company during the renovation they are currently planning for the space,” said Friedman.
“Prime Office Centers has been growing its brand and wanted to update its full-floor location at 521 Fifth Avenue to meet the demands of current and potential customers who need professional yet modern looking offices with fast and reliable telecommunication hook ups.”
“The location in the Grand Central District also played a significant role in the deal. Not only does it cater to Prime Office Centers’ commuting clients, but the neighborhood is poised to see a dramatic increase in demand in the coming years, with new development projects taking shape. Prime Office Centers recognized that and knew it was time to lock-in their lease for the next decade.”
Prime Office Centers has been operating business centers in New York City since 1995.
The company currently offers high-quality, affordable office space at two Manhattan locations, 521 Fifth Avenue and 44 Wall Street. Both locations provide full security, state-of-the-art communication systems, video conferencing, and internet technologies for tenants.
Additionally, Prime Office Centers has a full-time staff to assist with tenant needs, ranging from technical to administrative queries.
