WeWork continues its expansion with a new lease in Midtown South.
The office space provider for tech and new media companies will open a 63,300-square-foot office spanning the eighth, ninth, and tenth floors of Meringoff Properties-owned 401 Park Avenue South. The office marks the first in Midtown South, adding to its portfolio of places throughout the downtown area.
Mobile location-based ad platform xAd, Inc. has signed a 10-year, 21,100-square-foot lease and relocation for the entire 11th floor at Meringoff Properties’ 401 Park Avenue South, The Commercial Observer has learned.
Meringoff launched a leasing campaign at the 252,000-square-foot, 12-story property, situated on the southeast corner of East 28th Street and Park Avenue South, earlier Read More
Vitech Corporation renewed and extended by 10-years its 42,200-square-foot lease at Meringoff Properties‘ 401 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.
Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.
The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.
The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.
“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist. “Anyone adding space to the market is asking higher rents.”