Lease Beat

MTA Contractors Take Garment District Space

102 West 38th Street

102 West 38th Street.

Transit signal system installation company TC Electric has occupied the fourth floor of a group of investors’ Garment District building at 102 West 38th Street between Avenue of the Americas and Broadway through a five-year, 4,800-square-foot lease, Commercial Observer has learned.

The College Point, Queens-based company opened a ready-made office in the 9-story building with asking rents of $41 per square foot this summer, said Jeff Buslik of Adams & Co.

“This was an extremely attractive space for the tenant because of the quality of the space,” Mr. Buslik wrote in an email. “It was in move-in condition, allowing the tenant to not have to worry about building the space out or fixing it to their liking. The tenant was a strong fit for the landlord because the tenant had excellent credit.”

Mr. Buslik and his Adams & Co. colleague James Buslik negotiated on behalf of the landlord, while Ivan Hillman of CBRE represented TC Electric.

“TC Electric is not moving from a different location,” Mr. Hillman wrote in an email. “This is a new field project office for a project they were recently awarded from the [Metropolitan Transportation Authority]. The space is right at the location of the actual project. It was also very reasonably priced and only needed some cosmetic work that was done at the landlord’s cost.”

 

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