Former Coach designer Reed Krakoff has signed a 26,470-square-foot lease for the entire eighth and ninth floors and a portion of the fourth floor at Brickman’s 40 West 25th Street.
The tenant will pay rent in the low-50s per square foot in the 10-year deal, according to data provided to The Commercial Observer by CompStak.
A partnership between San Francisco-based DivcoWest and Brickman Associates has purchased a group of office buildings in Midtown South at 24-28 West 25th Street and 40 West 25th Street, it was announced today. The closing price on the portfolio was approximately $115 million.
DivcoWest is entering the New York market for the first time, James Murphy, executive managing director at Colliers, who represented the seller, Yeshiva University, told The Commercial Observer. The firm focuses on assets and markets with a high concentration of technology tenants.
“With the growth of the tech industry, it is the right time to enter the market,” Mr. Murphy said.
Tech company Operative Media, which provides digital advertising business solutions, has signed for 30,720 square feet of space at Himmel + Meringoff Properties’ 6 East 32nd Street. The company signed an eight-year lease at the 173,600-square-foot building and will relocate from its current space at 40 West 25th Street.
Jones Lang LaSalle’s Jim Wenk and Ryan Masiello represented the tenant, while Mark Stein and Jason Vacker represented the landlord in-house.