TransSystems, RWDSU Lease Space at Feil’s 7 Penn Plaza
By Lauren Elkies Schram January 21, 2015 2:00 pm
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Feil Organization this month has signed new leases with two new tenants at its 7 Penn Plaza, bringing the 368,000-square-foot Garment Center building to more than 95 percent leased, the organization announced today.
Retail Wholesale and Department Store Union, or RWDSU, which represents 100,000 men and women in a variety of occupations in the U.S. and Canada, has taken 23,000 square feet on the fifth floor and 7,500 square feet on the 14th floor. CBRE‘s Brian Gell and Laurence Briody represented the tenant in the deal. The relocation lease is for 15 years.
TransSystems, which helps transportation users and providers with their facility and infrastructure goals, is taking 6,800 square feet on the seventh floor. Joe Mangiacotti of CBRE represented TransSystems. The lease is for 10 years. CBRE didn’t immediately respond to requests for comment via a spokesman.
Asking rents in the 18-story building, which has an alternate address of 370 Seventh Avenue and sits between West 30th and West 31st Streets range, from $53 per square foot to $55 per foot, a spokeswoman said.
“Feil made the corporate decision not to pursue tenants that would occupy a full floor or multiple floors, but wanted to diversify the mix and assist existing tenants who wanted to grow,” the Feil spokeswoman noted. “By leasing carefully and relocating existing tenants over 18 months, the building will be nearly fully occupied with a combination of new and existing users.”
Other recent tenants to sign leases include National Hemophilia Foundation, which took 11,000 square feet on the 12th floor in December, existing tenant SourceOne growing to 11,000 square feet on the fourth floor the same month, existing tenants RCG Longview and Estrich & Co. agreed in November to relocate together within the building to 17,000 square feet on the 14th floor from the fifth floor and new tenant Guilford Publications in October signed a lease for 11,500 square feet on the 12th floor. All of their leases are for 10 years.
David Turino, director of commercial leasing for Feil, represented Feil in all transactions.
“At a time when many building managers prefer tenants to take complete floors, the Feil Organization opted to diversify our mix while helping several of our tenants expand within the building,” Mr. Turino said in prepared remarks. “By carefully planning and leasing to both new and current users over the past 18 months, we have brought 7 Penn Plaza from 83 percent leased to 95 percent leased. And it’s good for our tenants to know they can grow within a building.”
All five tenants should be in their new spaces by the summer.
In 2012, Feil completed a $3 million renovation of the lobby and entryway at 7 Penn Plaza.
