Zwicker Electric Co., Inc., a Manhattan-based electrical contracting firm, has plugged in to Midtown South for another seven years.
The company has renewed a 22,500 s/f sublease with Reed Elsevier comprising the entire 4th floor at 360 Park Avenue South.
According to Marc R. Shapses, executive managing director in Savills Studley’s New York headquarters, Zwicker explored the entire Manhattan market for a new headquarters space, but after an extensive search throughout different neighborhoods, the tenant decided it was more cost-effective to stay in-place.
“Because their space at 360 Park Avenue South was built out for their needs, our team was able to capture a good value for the tenant,” he said.
Shapses, along with executive managing director Joseph Messina and assistant director Oliver Petrovic, represented the tenant. Paul V. Ippolito and Jim Landsaw of Newmark Grubb Knight Frank acted on behalf of Reed Elsevier. Asking rents were $50 psf.