Residential Property Manager Relocates to 440 Ninth Avenue
Century Management Services, a residential property manger, has signed a lease for 11,373 square feet on the 15th floor at 440 Ninth Avenue, where asking rents are $45 per square foot.
“The tenant was looking for a strong landlord, one that had a reputation of working with their tenants in a partnership,” Gregg Lorberbaum, principal at Centric Real Estate Advisors, who represented the tenant, told The Commercial Observer.
Century Management Services, which is relocating from 7 Penn Plaza, will take more than half of the property’s 15th floor and plans to occupy by June following a build out being undertaken by the landlord, Paramount Group, Inc.
“This is a perfect example of the landlord and tenant working collaboratively,” Mr. Lorberbaum noted.
The 18-story building features a newly renovated lobby, with dual entrances on 35th Street and Ninth Avenue, as well as new elevator cabs. Paramount currently lists approximately 14,000 square feet of availability at the 412,000-square-foot property.
Proximity to the Hudson Yards development site was a selling point for Century Management, Mr. Lorberbaum said. “Now that that is a reality, they felt they could be a pioneer,” he noted.
As reported by The Commercial Observer last year, Duane Reade elected to relocate its corporate headquarters from 440 Ninth Avenue to 40 Wall Street, signing a 54,500-square-foot lease at the Trump Organization property.
Mr. Lorberbaum and Samantha Fishbone of Centric Real Estate Advisors represented the tenant in the transaction. The landlord was represented by Stephen Schofel, Elizabeth Houley, Josh Gosin and Daniel Hassett of Newmark Grubb Knight Frank.
Calls to NGKF and Paramount Group were not immediately returned.