MBI Brings Its Occupancy to 25 Percent of 48 West 37th Street
Michael Ewing April 5, 2013, noon
The general contracting and construction management group has expanded at 48 West 37th Street in an effort that has helped fill approximately 25 percent of existing space at the 57,750-square-foot building.
“[The] space became vacant and I knew Manhattan Business Interiors wanted to expand,” explained Mr. Levy.
The firm, which now operates out of an 8,682-square-foot space on the ninth floor, will be taking an additional 5,296-square-foot vacant office on the second floor to bring their total occupation to 13,978 square feet.
Their general and executive offices, housed in the building for the past seven years, will continue through the next 10 years as a part of the renewal and expansion deal. Manhattan Business Interiors has an extensive history of working with top real estate firms and institutions in the city like Douglas Elliman, CUNY and Swig Equities.
Mr. Levy represented both the tenant and the landlord, Forty Eight Thirty Seven Associates, in the transaction. The asking rent was $36 per square foot, which is about average for asking rents in an Adams & Co. building.
“Leasing activity is extremely strong,” said Mr. Levy about leasing activity across their portfolio. “We have a tremendous amount of activity on all of our available spaces. We are looking at several building upgrades including some new lobbies, elevator upgrades and conversions to natural gas.”
Adams & Co. is centered around the Garment District and manages a dozen properties including the Childrenswear Center at 34 West 33rd Street and the Contemporary Fashion Center at 231 West 39th Street.