EXCLUSIVE: APF Properties Inks 20 Leases in Four Midtown Office Buildings
By Daniel Edward Rosen December 7, 2011 9:00 am
reprintsA week after real estate investment firm APF Properties announced that it completed nine new leases at its “Club Row Building”, the company said it had locked up eleven more in three of its other office buildings, The Commercial Observer has learned.
All 20 signings – worth a total of 76,000 square feet – took place in four of APF Properties’ buildings: 28 West 44th Street, 1156 Avenue of the Americas, 25 West 45th Street and 286 Madison Avenue.
APF attributed its new signings to offering “Plaza-quality pre-builts, where a tenant can enjoy offices and standards that they would enjoy in the Plaza District that rents significantly higher than they’ll pay in our portfolio and be within walking distance to Grand Central,” said Kenneth Aschendorf, principal at APF Properties.
Asking rents for each building were in the mid-to-upper $40s, said David Rosenbloom, an executive director at Cushman & Wakfield who represented APF Properties in the deals. Lease lengths ranged from 2 years to 10 years, he added.
Last week, APF announced that it closed nine leases in its Club Row Building. Tenants included Crew Cuts Inc. – which signed up for 17,773 square feet of space – and RLTV (which will take on 2,868 square feet).
Mr. Rosenbloom credits the new lease signings to the manner in which his firm branded the APF portfolio with new standards.
They standardized the signage, the common corridors, all of the bathrooms.
The occupancy rates for all of APF’s buildings are “north of 95 percent,” said Mr. Aschendorf.
“When you walk into an APF building, you know immediately you’re in an APF building,” said Mr. Rosenbloom.
Mr. Rosenbloom worked alongside Joshua A. Goldman, Emily Weber, Jonathan Fales, and Michael Blanchard in representing APF Properties.
The recent string of signings is further evidence Cushman & Wakefield (CWK) and APF Properties have shared a fruitful relationship since the two paired in January 2010.
“They have a strong level of integrity,” said Mr. Aschendorf. “That credibility that they take with them goes a long way.”
Transactions at 25 West 45th Street include:
- Glenfarne, LLC leased 2,592 square feet on the 4th floor. Kevin Phelan from Capstone Realty represented the tenant.
- Ideal Diamond Trading, Inc. leased 1,568 square feet on the 5th floor. Cushman & Wakefield represented the tenant and landlord.
- Soundview Management Services LLC renewed its lease for 1,944 square feet on the 5th floor. Cushman & Wakefield represented the tenant and landlord.
- Adept Physical Therapy, LLC leased 2,278 square feet on the 4th floor. James Graham from Winslow & Company represented the tenant.
- The Elizabeth and Michel Sorel Charitable Organization leased 1,900 square feet on the 5th floor. Richard Spana from Metropolitan Property Group represented the tenant.
Deals done at 286 Madison include:
- RIS Real Properties, Inc. expanded on the 22nd floor and now occupies 3,874 square feet. Cushman & Wakefield represented the tenant and landlord.
- G&M Real Estate leased 3,595 square feet on the 18th floor. Cushman & Wakefield represented the tenant and landlord.
- Global Relay USA, Inc. leased 2,517 square feet on the seventh floor. Howard Kaplowitz from Colliers (CIGI) International represented the tenant.
- Remedy Systems leased 1,902 square feet on the 13th floor. Javon Johnson from Glenmark Realty represented the tenant.
- Lincrea Corporation leased 1,048 square feet on the ninth floor. Keiko Masubuchi represented the tenant.
A notable deal at 1156 Avenue of the Americas includes:
- MBK Capital Management LLC (a division of Mitsui) leased 2,764 square feet on the third floor. Bruce Weinberg of CBRE (CBRE) represented the tenant. drosen@observer.com
