Lease Beat

Vitech Renews at 401 Park Avenue South, Boosts Meringoff’s Leasing Campaign

Vitech Corporation renewed and extended by 10-years its 42,200-square-foot lease at Meringoff Properties401 Park Avenue South, The Commercial Observer has learned.

Dennis Someck of Lee & Associates represented the tenant, a systems engineering and software solutions provider. Mark S. Stein and Jason Vacker represented Meringoff. Asking rents at the 12-story building range from $53 to $60 per square foot.

401 Park Avenue South

401 Park Avenue South

Vitech has been a tenant since 1998, and will remain on the fourth and 12th floors. The company had been a subtenant on one floor, but now has direct leases on both.

Meringoff just launched a leasing campaign at the 252,000-square-foot property on Park Avenue South at 28th Street. “We knew we’d have a lot of empty space all at once,” said Chairman Stephen Meringoff. “But we’re lucky given the market for this type of trendy, cool space in Midtown South.”

Earlier this month Mr. Meringoff and his co-managing partner Leslie Himmel hosted a showcase on the fifth floor of 401 Park Avenue South that unveiled newly stripped columns, among other appealing elements. “People loved it,” Mr. Meringoff said. “We seem to be in the middle of what’s happening in this location with this type of space. New tenants are anxious to lease and showings are terrific.”

Mr. Meringoff said his firm had taken back the fifth floor to develop and show but that the building is otherwise fully leased through the end of May. He added that “it won’t be this summer–we’ll have a lot of available space.”

While Midtown South continues to be in favor with tech and new media companies, Meringoff is courting a variety of tenants. “We’re looking at everyone from Time Warner to high tech to advertising agencies,” Mr. Meringoff said. “It runs the gamut.”

“Here’s an interesting tidbit. A very large advertising company that’s up north of Grand Central Terminal is seeking space in our area and looking at our building. Why? Because it wants to attract young talent. Younger folks are not drawn to going up and down in an elevator with people wearing suits and ties. They want cool, funky restaurants and bars to go to at the end of the day.”

 

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