A Lee & Associates leasing team has filled 50,000 s/f at 875 Avenue of the Americas in the past six months.
The firm’s New York office leasing team of Dennis Someck, executive managing director/principal and Mitchell Kunikoff, executive managing director/principal, along with managing principal Peter Braus, arranged leases for manufacutring, tech and media firms at the 26-story, 250,000 s/fcirca 1920s office building in the Penn Station submarket.
Among the most recent leases are a 16,000 s/f office and showroom for international baby clothing and accessories manufacturer, HJ Rashti, which was represented by Barrett Stern of Newmark Grubb Knight Frank.
Compliance Science leased 12,000 s/f headquarters space. A web-based security technology company, Compliance Science was represented by Eric Ladden of Cornerstone Realty.
And direct response agency Chief Media renewed its lease for 7,000 s/f in a deal negotiated with Peter Occhi of DTZ.
“The current leasing activity reflects an overwhelmingly positive response to our capital improvements program and repositioning of the building,” said Someck.
“875 AoA is one of the few remaining Class-A office properties along this section of Sixth Avenue. Rather than converting it to residential use, as did so many others in the area, we made it a better building for commercial tenants.”
Managed by Sierra Real Estate LLC with ownership that includes some of the partners of Lee & Associates NYC, 875 AOA recently underwent a $3 million capital improvements program that included comprehensive infrastructure upgrades, renovations to the lobby, common areas and bathrooms, and installation of new elevators, operable thermal-pane windows and a state-of-the-art HVAC system.
In addition to such services as a 24/7 attended lobby and new tenant ID security system, there is tenant-controlled heating and air-conditioning and high-speed internet connectivity.
Added Kunikoff, “This is an office building that truly meets the needs of the area’s changing tenant profile. Years ago, it may have been considered a center for trade schools, but today is has an exciting mix of TAMI and fashion tenants.”
Currently, 875 AOA is 95 percent leased, primarily with small-size office tenants occupying 6,200 to 11,600 s/f.
The build-to-suit office layouts feature open floor plans, open ceilings with 11-foot heights, scarified cement floors and full kitchens. Asking rents range from high $40s to $50s.