Live event music production company Element Music signed a long-term lease to remain in its 3,944-square-foot space on the entire eighth floor of the Handler Real Estate Organization‘s 561 Seventh Avenue between West 40th and West 41st Streets in the Garment District, Commercial Observer has learned.
The company that books bands such as a group featuring company founder Marianne Bennett to play exclusive parties hosted by celebs like Catherine Zeta-Jones and Michael Douglas will start its new lease in late 2015 in the building where asking rents run for $51 per square foot after Handler completes a renovation of the floor to make a “more open, fluid, and efficient layout,” Handler officials said.
“Element Music is far and away the most prestigious, in-demand musical entertainment company in Manhattan servicing elite clientele at the swankiest venues,” said Handler principal Scott Galin in a prepared statement. “They are an excellent tenant whose business continues to thrive.”
Mr. Galin and Handler executive vice president Richard Farley represented the landlord in-house in the direct negotiations with the tenant, who didn’t have a broker in the deal.
Handler also recently inked leases for Canadian-based discount retailer Beyond the Rack‘s U.S. office headquarters and Los Angeles-based media and entertainment tech provider GPL Technologies‘ first New York City offices in the building where sushi and bento restaurant Wasabi operates a flagship restaurant on the ground floor.