Document Technologies has signed an 8-year lease for an additional 7,852 square feet at Muss Development’s 64 West 48th Street. Asking rents for the property range from the low to mid $40s per square foot.
“We think they’re happy in the building, which is great,” Jason Muss, principal at Muss Development told The Commercial Observer. “It is part of why they’re expanding.”
Occupancy is expected during the third quarter of this year following a build out being done by the landlord.
The Muss Development property, located near Rockefeller Center, currently boasts just 4,000 feet of available space, split between two smaller spaces. The landlord is currently marketing the space is hopeful of reaching 100 percent occupancy in the near future.
“The building is a lower-priced alternative to the avenue,” Mr. Muss said. “It’s convenient for tenants.”
The property has recently undergone a significant capital improvement plan which includes new elevator cabs, corridors, windows and HVAC systems.
Last year, The Commercial Observer reported two new leases at the Muss Development property. In March, Weight Watchers signed a 10-year-and-four-month lease for 3,000 square feet on the 14th floor. In June, India-based diamond manufacturer Shrenuj USA took a 4,000-square-foot showroom and office space on the building’s 15th floor.