PEX Card, a corporate prepaid card company that helps regulate employee spending, has signed a five-year, 7,200-square-foot lease at the Kaufman Organization’s 462 Seventh Avenue between West 35th and West 36th Streets.
“The full-floor space at 462 Seventh Avenue allows PEX Card to expand its operations and provides it with the flexibility to accommodate future growth,” said Jared Sternberg of the Kaufman Organization in prepared remarks. “The central Garment District location is easily accessible via a number of public transportation hubs, which enables the company to strengthen client relationships while establishing new ones.”
Mr. Sternberg and Michael McCloskey, also of the Kaufman Organization, represented PEX Card in the deal. The Kaufman Organization’s Steven Kaufman, Barbara Raskob and Yvonne Chang represented the landlord in-house. The lease was signed at the end of March.
Asking rents were in the high-$40s per square foot. PEX Card is expected to move into the space later this spring.
According to its website, PEX Card permits “centralized financial management and oversight from any computer or mobile device.” It allows employers to control where money is spent, add or remove funds and pre-approve purchases.