Adams & Co. Real Estate brokered a 25,551 square-foot new lease for swimwear designer and manufacturer, In Mocean Group, at 463 Seventh Avenue.
David Levy, principal of Adams & Co. represented the landlord, while Benchmark Group New York LLC represented the tenant.
In Mocean Group will use the space for general and executive offices in addition to a showroom for the fashion apparel company.
The 10-year lease will begin with a four year sub-lease from OSP Group, followed by a six year direct lease from the landlord, the Arsenal Company. Although the details of the transaction were not disclosed, asking price for the sublease was $40 psf and asking rent in the direct lease was $52 psf.
“When In Mocean expressed interest in 463 Seventh Ave., we knew this deal would require complete cooperation from the landlord and sub-landlord,” said Levy.
“The Arsenal Company and OSP Group wanted to ensure this deal was possible as the swimwear company presents the ideal tenant to accompany the like-minded fashion presence already in the building.”
In Mocean will join tenants that include The Doneger Group and NY Presbyterian Hospital.