GRACE Communications, Allied Urological, ArchCare and GO Ventures Ink Deals
By Jotham Sederstrom October 18, 2011 11:50 am
reprintsCassidy Turley has inked four deals totaling 31,000 square feet at 205 and 215 Lexington Avenue, the Commercial Observer has learned. The sister office towers between 32nd and 33rd streets are now 95 percent and 92 percent leased, respectively, with one vacant floor remaining at each.
GRACE Communications Foundation, an educational non-profit for consumers, advocates and policy-makers, renewed and expanded to 13,000 square feet in a seven-year lease for the entire 10th floor at 215 Lexington Avenue. The non-profit’s current lease expires in 2013.
“They had a lot of little spaces, and now we’ve got them all into one,” said Aaron Kaufman of Vicus Partners, who represented the foundation alongside colleague Bert Rosenblatt. “We wanted to take advantage of the market before it got crazy again.”
Allied Urological Services, took nearly 6,000 feet on the 15th floor of 205 Lexington Avenue, where it will shift some back-office space from 160 East 32nd Street such as its billing department. Brian Feist of Cushman & Wakefield (CWK) represented the tenant in the 10-year lease.
Asking rent at the buildings was between $40 and $44 per square foot, said Wendy Miller of Cassidy Turley, who represented landlord The Somerset Group in all of the transactions with David Hoffman, also of Cassidy Turley.
“Both the GRACE Communications Foundation and Allied Urological Services needed a cost-effective way to accommodate their respective growth,” said Ms. Miller, who added that the landlord offered free rent on some of the deals.
For Allied, which inked a ten-year lease, market-free rent will be for six months, said a source familiar with the deal. The Allied lease in particular worked for the landlord because the tenant is doing their own build-out.
ArchCare, a Catholic healthcare provider, took an additional 7,500 square feet, expanding to three floors at 205 Lexington Avenue. Their administrative offices will take the extra space.
GO Ventures, an eco-investment firm, renewed for nearly 5,000 square feet, which includes an outdoor terrace, on the 17th floor at 205 Lexington, cautiously inking the deal for only two years, because they foresee another expansion in the near future.
“The biggest thing we struggle with there is that we are one block off of Park Avenue South,” said Ms. Miller. “We aren’t on people’s radar but we are equidistant between Grand Central and Penn [Station], which makes us ideal for commuting.”
Ms. Miller and Mr. Hoffman represented Archcare and Go Ventures in-house.
