EXCLUSIVE: 30,000 Square Feet Office Condo Purchased at 40 Rector
Jotham Sederstrom Nov. 8, 2011, 9:55 a.m.
RVM Enterprises, a provider of litigation support services, purchased a 30,000-square-foot commercial condo at 40 Rector Street on the property’s penultimate floor, The Commercial Observer has learned.
The Financial District asset converted to commercial condos last year, and RVM’s purchase was one of the first to close, said Eric Cagner, of Newmark Knight Frank, who represented the buyer with Newmark colleague David Falk.
As an early buyer, RVM Enterprises was able to get a “very attractive purchase price relative to the market,” for the 17th floor office, Mr. Cagner said.
RVM moves from 80 Pine Street, where they were located in a 13,000-square-foot space.
“We were attracted to the light on four sides and the efficient floor plate,” said Mr. Cagner.
The arrangement also allows RVM to consolidate all their operations to one floor. Asking rents in the building are now up to $300 per square foot, said Mr. Cagner.
As of last June more than 49% of tenants in the building were New York City agencies, according to Crain’s.
The building’ sponsor, Philips International, was represented by a Newmark Knight Frank team of Scott Klau, Erik Harris, Aaron Maltz and Hal Stein.