Amcom Software Signs Deal at 256 West 38th Street
Gus Delaport Sept. 18, 2013, 7:45 a.m.
Amcom Software has signed a 10-and-a-half-year deal for the entire 8,620-square-foot eighth floor at 256 West 38th Street, The Commercial Observer has learned.
Asking rent for Amcom’s new space was in the low-$40s but the tenant will pay rent in the high-$30s per square foot, according to data from CompStak.
A subsidiary of USA Mobility, Amcom Software provides solutions for secure smartphone texting, public safety response and clinical alerting. Headquartered in Eden Prairie, Minn., Amcom operates U.S. offices in Bedford, N.H., Jacksonville, Fla., and in New York at 171 Madison Avenue.
American Realty Capital New York acquired 256 West 38th Street for $48.6 million in December 2012. The building’s sellers—a joint venture between East End Capital and GreenOak Real Estate—purchased the property for around $30 million in 2011. The landlord declined to comment on the Amcom lease.
Elsewhere in the building, Cache, a retailer, occupies the entire third and sixth floors, having signed a 43,100-square-foot, ten-year lease in the first quarter of 2012. Other tenants include United Auto Workers, Insight Research and Gerard Yoscaand J’Envie.
Michael Plavin of Cresa Partners represented the tenant in the transaction. The landlord was represented by Michael Frantz of Newmark Grubb Knight Frank. Both brokers declined to comment.