Three New Tenants Sign on at 20 West 37th Street
By Gus Delaporte September 10, 2013 7:45 am
reprintsLandlord Neuss Real Estate has signed three new tenants to long-term deals at 20 West 37th Street, The Commercial Observer has learned. Asking rent for the building—now 100 percent leased–is $38 per square foot.
“This location is really picking up a lot of steam because Midtown South has become very pricey,” said Paul Walker of CBRE (CBRE), who represented ownership in the transactions. “This neighborhood is great for transportation and the product is very similar to that of Midtown South.”
The building owner has its own in-house architect and will provide the build out for each tenant. Occupancy is expected between September 1 and November 1.
NedGraphics, a software developer for the fashion industry, will take the entre 6,500-square-foot fourth floor. The company, which moved into the space earlier this month, relocated from 104 West 40th Street.
Apparel manufacturer HYP has committed to take the entire 6,500-square-foot fifth floor. The company, which specializes in hats, will relocate from 10 East 34th Street.
The final deal was for Gorton & Partners, a construction project management firm, which will take the entire 6,500-square-foot 11th floor. The company, which has completed projects for Sotheby’s and the New York Mercantile Exchange, will relocate from 21 West 38th Street.
“All these tenants wanted to stay in this neighborhood,” Mr. Walker noted. “It speaks a lot to what’s happening in the West 30s that they weren’t looking to move into Soho or Tribeca.”
Neuss Real Estate owns properties in both New York and Buenos Aires, Argentina. The real estate firm acquired the 12-story property at 20 West 37th Street in 2006.
NedGraphics was represented by Ken Krondstadt of Newmark (NMRK) Grubb Knight Frank. Dennis Someck of Lee & Associates represented Gorton & Partners. HYP was represented by Brian Weld of Cassidy Turley.
