Three New Leases Signed at 370 Lexington Avenue
Gus Delaporte March 11, 2014, 3:15 p.m.
Sherwood Equities has signed three new tenants to deals at 370 Lexington Avenue, Commercial Observer has learned.
In the largest of the three deals, Virtusa Corporation, a global IT services company, has signed a five-year lease for 3,500 square feet on the 16th floor of the building. The Massachusetts based company will relocate from 230 Park Avenue.
Sherwood Equities has modeled 370 Lexington Avenue as an alternative for smaller technology and media tenants being priced out of Midtown South. In the past two years, the landlord has signed 15 tenants in the TAMI sector to leases at property, according to a press release announcing the new deals.
“There is a northward migration underway from Midtown South, as growing young firms realize that Midtown, with its quality amenities and location advantages, can be price competitive,” Adam Weissleder of Sherwood said in a prepared statement. “370 Lexington caters to smaller space users and has created the feel of a tech community, and is benefiting from this trend.”
Also on the 16th floor, Travel Tripper has signed a five-year, 2,800-square-foot lease. The company, a technology provider for the hospitality industry, will relocate from 333 Park Avenue South.
Elsewhere, G4S Technology Software Solutions signed a 1,700-square-foot deal on the third floor of 370 Lexington. The tenant will take occupancy of its space immediately.
“Our objective has been to make 370 Lexington a prime address for smaller space users, an underserved niche in the city, offering Class-A space, good value and quality boutique services in the Grand Central area,” Mr. Weissleder added. “The growing abundance of leases with a broad divergence of innovative companies indicates we have succeeded.”
Mr. Weissleder represented the landlord in-house alongside Jill Burrowes. Virtusa was represented by Robert Montaquiza and Lindsay Ornstein of Transwestern. Marc O. Ellman of Ellman Realty Advisors represented Travel Tripper. G4S Technology was represented by Robert Gallucci of Cushman & Wakefield.