Media and entertainment tech provider GPL Technologies will open its first permanent New York City office in the next 30 days through a 750-square-foot lease on the sixth floor of Handler Real Estate Organization’s building at 561 Seventh Avenue, Commercial Observer has learned.
The Los Angeles-based company that also boasts permanent presences in Vancouver and London moves it into a customized office space in a Garment District building with asking rents in the $50s per square foot that’s steps from Times Square and a block west of Bryant Park, said Richard Farley, Handler’s COO and executive vice president.
“It was improved with the idea in mind that we would be attracting an office tenant,” Mr. Farley said. “This is a building that was advantageous to them because they have New York City expansion plans and because we own other properties in the Garment District that we could make available to them.”
Mr. Farley and his Handler colleague Darell Handler represented both the landlord and the tenant in the deal for space in the 21-floor building where online shopping network Beyond the Rack occupies a full floor. The lease for less than five years for the company made sense due to GPL’s growing business in the city, Mr. Farley said.
“Their existing space was inefficient for their needs,” he said. “The amount of business that they have now really dictates a permanent New York City location.”