Rennert International is consolidating its offices in Midtown.
The foreign language education provider will move from its 10,800-square-foot floor at 211 East 43rd Street to a 25,701-square-foot layout that spans the entire second floor, half of the third floor and the entire 19th floor. The deal, set to span 10 years, comes in effort to combine several offices into one central area.
“Prior to this deal, the tenant was occupying space in two buildings,” explained William Cohen, an executive vice president and principal of Newmark Grubb Knight Frank. “The lease was expiring for its location a few blocks away from 211 East 43rd Street, which gave the tenant the opportunity to streamline operations under one roof.”
“The tenant was also motivated to renew and expand its lease at 211 East 43rd Street because the building makes it very easy for companies to expand within the properties,” he continued. “Ownership is building out the expansion premises for the tenant’s executive headquarters.”
The owner, Meadow Partners, is also spending $15 million on a capital improvement plan that will build out a new lobby, redesign the elevator banks, add technology like Verizon FiOS and reconfigure the floorplates to allow for single and dual users on every floor.
Mr. Cohen was joined by his colleague David Emden as the exclusive leasing agents for the building. Rennert was represented by Dennis Karr, a managing director at Newmark Grubb Knight Frank.