The Kaufman Organization’s building at 519 Eighth Avenue is now 100-percent occupied after Legacy Builders inked an 11-year lease for 9,020 square feet at the property, Barbara Raskob, leasing director at Kaufman, told The Commercial Observer. Asking rents were $34 per square foot.
The tenant, a contractor, will renovate the space to include offices and conference rooms, according to Ms. Raskob. “They needed more space than what they had,” she said. “They wanted the ability to build their own space, since it will serve as a sort of showroom for them.”
The building at 519 Eighth Avenue totals 355,000 square feet over 26 floors and was completed in 1927. The typical floor size is 16,000 square feet, according to the Kaufman Organization.
Legacy Builders is currently located at 501 Seventh Avenue, according to the company website. Services offered by the firm include pre-construction, general contracting and construction management. Legacy Builders’ portfolio of clients includes Columbia University, Swig Equities, Valley National Bank and Ostrow Kauffman.
Major tenants at 519 Eighth Avenue include Professional Sports Publications, Vanguard Direct and ThyssenKrupp Elevator. As reported by The Commercial Observer, a U.S. subsidiary of Swedish builder Skanska leased space at 519 Eighth Avenue in 2011.
The Kaufman Organization was represented in-house by Ms. Raskob and Steve Kaufman. Michael Frantz of Newmark (NMRK) Grubb Knight Frank represented the tenant in the deal. The lease was reported earlier this week by Crain’s.
Calls to Legacy Builders were not immediately returned. NGKF declined requests to comment.
