609 Greenwich Street
Proving you don’t actually need to look very far to find a good deal these days, Abel Cine Tech has concluded a two-year search for new space by taking 23,605 square feet at its current home, 609 Greenwich Street.
“We had been out in the marketplace with Abel Cine Tech for about two years, searching for space that could accommodate its growth,” said Studley‘s Nicholas Farmakis, who represented the tenant.
Still, the search wasn’t a complete waste for the film equipment company, which found itself in a much better bargaining position after the wait. “The market changed 180 degrees since the search started, which contributed to our ability to expand in the company’s current location.”
Abel will continue to occupy the full fifth floor and expand downstairs to half of the fourth floor. The deal includes free rent and a work letter to renovate the entire space, including executive offices, a training center and an expanded sales showroom. The asking rent was $36.
The deal also allows Abel to stay in a building that already houses a number of media firms, as well as film and television production companies, including Grenada Television and Greenstreet Films.
Daniel Levine of Newmark Knight Frank represented landlord Centaur Properties.