The German National Tourist Office signed a seven-year, 5,000-square-foot renewal for the 20th floor at the Stahl Organization‘s art deco Chanin Building at 122 East 42nd Street, Commercial Observer has learned.
The building with asking rents ranging from the mid $50s per square foot to the upper $60s per square foot will remain the home of the tourism board that markets Germany to prospective tourists in its fourth renewal at the landmarked 1929 office building.
“They considered very heavily relocating downtown; we were on the verge of doing a deal there,” said Snezana Anderson, one of the CBRE brokers who represented the tourism office in the deal. “In the end, staying in place with no work and with this fantastic view next to Grand Central Terminal turned out to be the same price.”
Ms. Anderson and her colleague Bernhard Weinstabel negotiated on behalf of the German tourist agency, while James Frederick and Peter Occhi of Cassidy Turley represented the landlord.
Cassidy Turley representatives said the two brokers were unavailable for comment. When Irwin Chanin completed the 52-floor structure, it was the third tallest building in the world, according to Stahl Organization.
The two multilingual CBRE brokers also recently closed deals for the Austrian Tourist Office and the Austrian Trade Commission.
“We really focus on working with European clients, especially German and French speakers,” Ms. Anderson said.