Landlord 38 & 6 Associates has signed three new tenants to deals at 102 West 38th Street, Commercial Observer has learned. The deals are indicative of a trend driving tenants toward better pricing and more accessible locations, according to Jeff Buslik of Adams & Co., the landlord’s broker.
“The building is equidistant from Penn Station, Port Authority and Grand Central, so if you have staff commuting from out of the city it’s ideal location-wise,” he said.
In the first of the three deals, Solaire Generation signed a 10-year deal for the entire 4,800-square-foot seventh floor. The tenant, which creates solar panels for parking lots, agreed to a deal with asking rent of $41 per square foot.
Elsewhere in the building, Coyle Contracting Corp. has signed a six-year deal for the entire 4,796 third floor. The tenant moved in on May 1 after taking over a previous tenant’s sublease and signing a direct extension. Asking rent for the space was $37 per square foot.
Lastly, Nimbo Technologies, a cloud solutions provider, signed a three-year sublease for the entire 4,658-square-foot sixth floor. “They have had giant growth over the last few years and their business keeps growing,” Mr. Buslik said of the tenant.
Mr. Buslik represented the landlord in all three transactions. Mr. Buslik also represented Solaire Generation in its lease. Brett Maslin, also of Adams & Co., represented Coyle Contracting. Nimbo Technologies was represented by Josh Bergen of Norman Bobrow & Co.