In a major lease for Midtown South that coincides with the launch of Meringoff Properties’ leasing campaign at 401 Park Avenue South, Vitech Corporation has renewed and extended its global headquarters lease at the 252,000 s/f office building.
A worldwide provider of systems engineering and architecting software solutions, Vitech signed a 10-year, 42,200-square-foot lease on two floors at the 12-story property, strategically located on Park Avenue South at the southeast corner of East 28th Street.
“We are thrilled to be able to retain a quality tenant like Vitech at 401 PAS,” said Stephen Meringoff, principal, who explained that Vitech renewed its lease with ownership and extended its tenancy on both floors on a direct basis for another decade.
According to Meringoff, who with his co-managing partner Leslie Himmel co-hosted an showcase event at 401 Park Avenue South on March 7 attended by more than 300 brokers, “Midtown South has firmly established itself as a magnet for high-tech, creative companies, including ad agencies, digital enterprises and design firms — tenants whose preferences are to be situated in a trendy, burgeoning business environment, surrounded by popular dining, hotels and entertainment venues.” Asking rents at 401 PAS range between $53-$60 psf.
Featuring two recently renovated lobbies and offering wide, open sun-drenched floors, with exposed steel columns, 401 Park Avenue South could accommodate a requirement of up to 84,400 s/f of contiguous space.
Dennis Someck of Lee & Associates represented Vitech in the transaction, while Mark S. Stein, senior vice president and Jason Vacker, vice president acted in-house on behalf of Meringoff Properties, the leasing agent for ownership.
Alan Katz, Esq., of Greenfield, Stein & Senior represented the tenant, and Larry Mergentine, Esq. of Rosenberg & Estis acted for the landlord.