Here’s one way to get the word out about the Long Island City office market.
Halo Branded Solutions, one of the top producers of promotional-branded goods and apparel, has signed a 10-year lease for 17,684 s/f at The Factory, a former warehouse repurposed as a modern office building. The space had an asking rent in the low $40s.
Brian Waterman led a team of brokers for Newmark Knight Frank to represent the building owner—a partnership between Atlas Capital Group, Partners Group and Invesco—in the lease negotiations while Kenneth Salzman of Lee & Associates represented the tenant.
Built in 1926, the building at 30-37 47th Avenue was once used as a warehouse for Macy’s department stores. Square Mile Capital, Atlas Capital and Invesco bought the building for roughly $100 million in 2013, refinanced it and improved it before Square Mile sold its stake in property earlier this year, when it was reportedly valued at $400 million.
Tenants at the 1.1 million s/f office building include Ralph Lauren, Macy’s and J.Crew’s Madewell.
“Following renovation of this 92-year old former Macy’s warehouse, The Factory has become a magnet for young millennials seeking cool collaborative workspace, accompanied by a myriad of sought-after amenities,” Waterman said.
Other Newmark agents on the deal included Howard J. Kesseler, Jordan A. Gosin and Alex Rosenblum.
Halo Branded Solutions produces branded items ranging from pens, mugs and t-shirts to fidget spinners and silicon wine glasses, all bearing the names of its various clients—companies such as the American Cancer Society, Ace Hardware, Jim Beam and Halliburton.
Last year, Halo acquired New York-based gift-maker Michael C. Fina Recognition, which prompted it to seek out office space somewhere in the five boroughs.
“HALO considered relocating its regional NY office to Manhattan, yet Long Island City offered more,” Salzman said. “The Factory provides an amenity-rich location, proximate to transportation convenient to all of HALO’s employees. Atlas Capital proved to be an ideal landlord partner, reaching to accommodate HALO’s needs unlike any other in the marketplace.”