Powa Technologies Takes First U.S. Office
Michael Ewing Feb. 28, 2014, 11:50 a.m.
Powa Technologies will open its first office in the United States.
The international commerce company that specializes in technologies that integrate physical and digital worlds will open a 9,945-square-foot space on the 39th floor of 1 Bryant Park, also known as the Bank of America Tower.
The news comes as the latest installment of Marathon Asset Management’s disposition of its crowned office space at the building. Prior to the recession, the firm took about 90,000-square-feet across several floors. The recession hit and the firm started to sublease chunks of its office.
TriOaks Capital Management, a hedge fund created by J.J. Berney, was one of the first to ink a deal in 2012, taking 7,168-square-feet. Avesta Capital Advisors took an 8,000-square-foot space, but that later fell through to Manikay Partners, who relocated from the Seagrams Building at 375 Park Avenue to sign for 8,800 square-feet.
The asking rent for Powa Technology was reportedly $93 per square foot, a sizable drop from the reported $115 that Marathon Asset Management paid in its initial lease in 2007.
Alexander Chudnoff and Dan Turkewitz of Jones Lang LaSalle represented Marathon Asset Management in its real estate disposition. CBRE‘s Sinclair Li and Daniel Wilpon represented the subtenant. Neither party could be reached for comment.
The lease is set to run through Marathon Asset Management’s lease, terminating in 2018.