Eurotech Signs Sublease at 135 West 50th Street
Gus Delaporte Sept. 5, 2013, 11 a.m.
Eurotech Construction has signed a 14,387-square-foot sublease at 135 West 50th Street, also known as the Sports Illustrated Building. The deal, for a portion of the fifth floor, carries starting rent in the low-$30s per square foot, according to data from CompStak.
The deal is similar to that of Fareportal, an online travel group that signed a sublease for the remainder of the fifth floor last year. The company consolidated three offices into the 40,848-square-foot Midtown space.
The sublandlord, AllianceBernstein, has been shedding space at the Midtown property for a number of years, having previously sublet 60,000 square feet to Marvel Entertainment in 2010.
Eurotech Construction, which currently operates from 532 West 30th Street, specializes in interior construction of drywall and carpentry, as well as other services. The company’s client roster includes Goldman Sachs, Conde Nast, FAO Schwarz and the New York Public Library.
Last year, TPF Operating REIT, affiliated with UBS, acquired the ground lease at 135 West 50th Street for $279 million, according to reports. The seller, a partnership between Suzanne Lehmann and Zev Wolfson, had purchased a 43-percent interest in the land for $56 million in 2010.
UBS, the majority owner of the land, had previously acquired the 800,000-square-foot building above it from Murray Hill Properties for $332 million in 2006.
Joe Mangiacotti, Conor Denihan and Scott Bogetti of CBRE represented AllianceBernstein. Kevin Daly of Cushman & Wakefield represented Eurotech.
The brokers were not immediately available for comment.