Virgo Business Centers Subleases 40,791-SF at 1345 Avenue of the Americas
Billy Gray Nov. 14, 2013, 7:45 a.m.
Virgo Business Centers subleased 40,791 square feet from AllianceBernstein at 1345 Avenue of the Americas, The Commercial Observer has learned.
CBRE brokers repped the tenant and sublandlord in the 12-year deal, with Scott Bogetti and Anthony Dattoma working on behalf of Virgo Business Center. Robert Alexander, Christopher Mansfield and Brad Needleman represented AllianceBernstein. Asking rent was $53 per square foot.
This transaction represents an expansion for Virgo Business Centers and will land the office solutions provider its first Midtown West location. “Existing centers will remain,” Mr. Bogetti said. “This expansion is related to growth and inquiries [the tenant has] been receiving from potential clients wanting space by Avenue of the Americas.” The tenant has additional locations at 350 Fifth Avenue, 304 Park Avenue South, 380 Lexington Avenue, 575 Lexington Avenue and 225 West 34th Street. The Real Deal reported that the deal brings Virgo Business Centers Manhattan footprint to 180,000 square feet.
A number of building tenants including AllianceBernstein and Allianz, have been offering subleased space at overlandlord Fisher Brothers‘s two-million-square-foot Midtown West tower. The investment company Brean Murray, Carret & Co. subleased 15,000 square feet there from Fortress Investment Group last year. “Allianz has essentially disposed of all of their [sublease space],” Mr. Bogetti said. “And AllianceBernstein has very, very good activity.”
Virgo Business Centers plans to move in on January 1, 2014. “The space is built out currently,” Mr. Bogetti said. And any “upgrades will not take that much time.”