Adams & Co. Renewing up a Storm at World’s Tower Building
Tobias Salinger Nov. 6, 2014, 12:39 p.m.
With nearly a quarter of the tenant leases set to expire this year at the World’s Tower Building south of Times Square, Adams & Co. principal David Levy and broker Brett Maslin have already inked renewals for 16 of the 28 terminating lessees in the past two to three months, Commercial Observer has learned.
The Adams & Co. officials have represented both the tenants and the building’s ownership partnership of more than 60 people in transactions totaling around 30,000 square feet at the 125,000-square-foot terra cotta structure at 110 West 40th Street, Mr. Maslin said.
“We’re one of the only buildings that caters specifically to smaller tenants,” he told CO, noting asking rents of $52 per square foot. “We have the ability to help the small tenant grow whenever they need to.”
Spaces at the Garment District building, which is adjacent to the southwest corner of Bryant Park, vary from 400 square feet to 5,000 square feet and feature 120 overall tenants, Mr. Maslin said in September when the company booked renewals for financial firm Insight Investments and fabric company BLB Textiles, as well as new leases for Pyramid Consulting and marketing company David Geller Associates. Men’s fashion designer Vinci Suits signed a five-year renewal for its 1,983-square-foot showroom and office three weeks ago, Mr. Maslin said.
Messrs. Levy and Maslin hope to ink renewals for all 28 of the expiring tenants, he added. A 4,888-square-foot space on the building’s 21st floor formerly occupied by a Crumbs Bakeshop facility remains available.