Cover Story

We Are OK: New Technology and Existing Resources Are Allowing Sandy’s Victims to Avoid Subleasing

US-WEATHER-STORM-SANDY

On Thursday, Nov. 1, Virgo Business Centers made 27,321 square feet of temporary, furnished office space available at 14 Penn Plaza. Companies displaced by Hurricane Sandy filed in one by one, and by the following Thursday, the space was full.

“Typically, that process takes about a year,” said Pasha Erkin, director of sales at the company. “It’s all about readiness. You could literally bring me 40 people today, and I could have the space ready tomorrow. All you have to do is walk in, flip on a switch, plug in and start working.”

In that building alone, the company took on 177 employees from displaced companies like Coronet, amfAR, Linda Decorato, Ambrose and others located on the eastern tip of Downtown and other areas hit hard by the hurricane. Read More

Lease Beat

Weight Watchers Signs 125K S/F Deal

675 Avenue of the Americas

Weight Watchers is signing a 125,000-square-foot lease at 675 Avenue of the Americas for its Manhattan headquarters.

The company will relocate from 11 Madison Avenue, where it was subleasing space from the insurance company AON.

As of press time, the terms of the company’s deal, including the rental rate it was agreeing to pay nor the length of the lease, were yet clear. Read More