iLevel Solutions has subleased an 11,000-square-foot portion of Forest Electric’s space on the fourth floor of 2 Penn Plaza, the companies announced this morning.
The deal represents the firm’s first foray into the New York City office market, a push to grow and expand beyond its second offices in New Jersey.
“iLevel Solutions needed more space for staff to develop innovative software and support top tier customers,” said Ted Rotante, an executive managing director with Colliers International, who represented Forest Electric with Ernest DeLucia and James Marcellino, in a prepared statement. “The iLevel team wanted office space consistent with a technology company culture while also affording a convenient commute.”
Forest Electric, a subsidiary of EMCOR Group Inc., provides a full range of commercial electrical contracting services to end-users, building owners, and construction companies.
iLevel Solutions provides private equity firms with a cloud-based platform to optimize investment performance and reports to institutional investors.
Recently spun out of the Blackstone Group, iLevel Solutions has experienced triple-digit growth in signing new clients and adding employee headcount, the firm said in the statement.
Built in 1967, 2 Penn Plaza is a 29-story commercial building located on Seventh Avenue between 31st and 33rd Streets.
The building sits atop of Pennsylvania Station, steps away from Macy’s Herald Square and Madison Square Garden.
Notable tenants at the property include MSG Network, radio stations WABC, WEPN, WRXP, and WPLJ, as well as Charles Schwab & Co., JP Morgan Chase Manhattan Bank, and the editorial offices of Architectural Records, among others.
Mark Mandel, of Cushman & Wakefield, represented iLevel Solutions, in the transaction.