Lease Beat

Jeweler Shrenuj Takes Floor at 64 West 48th Street

Shrenuj USA LLC, a 100-year-old diamond manufacturer based in India, will be taking a full floor at 64 West 48th Street, a Midtown building owned by The Muss Development, it was announced yesterday.

64 west 48th Jeweler Shrenuj Takes Floor at 64 West 48th Street

64 W. 48th (Photo Courtesy of CoStar)

The company is taking a 4,000 square foot showroom and executive office space on the 15th floor of the 17-story building.

Brian Given, Lou Prisco, and Eric Lassoff of Colliers International represented The Muss Development in the deal. Mr. Lassoff also represented Shrenuj.

Since buying 64 West 48th Street in 2008, The Muss Development had spent millions upgrading the building’s lobby, elevators, and facade, among other improvements.

In the past 18 months the firm has leased space to On Press Graphics, Frank Blancato LLC, World of Travel, City Sports, and Weight Watchers.

When The Muss Development signed Weight Watchers in March, the firm decided to experiment with its traditional approach with office spaces by giving Weight Watchers a 3,000 square foot “meeting space” for its users to attend weigh-ins and group meetings.

As for Shrenuj, the firm will  be “using the building as their corporate offices and a showroom,” said Jason Muss, a principal at The Muss Development.

With Extell Development’s International Gem Tower nearing completion, Mr. Muss believes there will be more international diamond companies eager to move in or near the Diamond District.

“With Shrenuj we now only have two remaining full floors in the building, and expect those to be leased by year’s end, if not before,” said Mr. Muss, in a statement.

For the last two remaining spaces in 64 West 48th Street, a mix of law firms and accounting firms have been eyeing the two vacancies.

Asking rent in the building is in the high-$40s for the top portion of the building and the low-$40s for the lower floors.

Shrenuj is an integrated gem and jewelry conglomerate that operates in 14 countries and employs over 2,000 people worldwide. The company. which does diamond processing and jewelery manufacturing and retail, has diamond manufacturing facilities in India, Bostwana and Israel.

drosen@observer.com