Sherwood Filling 370 Lex by Getting Small
Jim Hanas Feb. 14, 2011, 2:42 p.m.
370 Lexington Avenue
With all the partying in the Grand Central submarket over all the full-floor leases being signed, at least someone’s still looking out for the little guys.
Sherwood Equities has signed more than 100,000 square feet at 370 Lexington Avenue in the past year, totaling 43 transactions, including 24 new leases, 15 renewals and four renewals that were also expansions.
Paper manufacturer NewPage Corporation has taken 2,956 square feet in a new five-year deal. Michael Liss of CB Richard Ellis represented the tenant. Advertising agency Tylie Jones has renewed its 4,626-square-foot lease for five years. Alan Friedman of CBRE repped the tenant. Law office Alan Greenberg has also taken 2,400 square feet in a new seven-year deal. David Menaged of Intrepid Real Estate Group repped the tenant.
The average asking rent is $48 a square foot in the tower, according to a spokesman.
When Sherwood Equities purchased lovely 370 Lexington Avenue in 2008 in partnership with JPMorgan Investment Management, CEO Jeffrey Katz declared his intention to make the building the top choice for small tenants in the Grand Central submarket. The plan seems to have succeeded, with an almost constant stream of small deals since.
“Three-seventy Lexington Avenue has become the building of choice for the smaller tenants in the Grand Central Market,” Mr. Katz said in a release. The building is now 90 percent occupied. “We are extremely pleased with the number of deals we were able to complete in this economic environment and are looking forward to a strong 2011,” said Adam Weissleder, senior leasing agent for the building.
The 307,000-square-foot, 27-story building, which was built in 1929 and features a stunning golden lobby, underwent a $24 million renovation that was completed in 2009.