Toshiba Nabs More Permanent Space in Garment Center Building
Lauren Elkies Schram March 22, 2016, 11:32 a.m.
Toshiba has signed a lease for 1,800 square feet of office space on the fourth floor at the 15-story 255 West 36th Street between Seventh and Eighth Avenues, Commercial Observer has learned.
The company, which provides business-to-business integrated solutions, signed a six-year deal with an asking rent of $45 per square foot, said Benjamin Stavrach, the in-house director of leasing and property management for landlord Triangle Assets.
Toshiba will be moving in a couple of days from space it rents from office suite provider Regus at 112 West 34th Street between Avenue of the Americas and Seventh Avenue, according to Mitchell Grossman of Corporate Real Estate Solutions, who represented Toshiba in the transaction.
“Regus is good for a short-term deal,” Mr. Grossman said. “You want to be by Penn Station.”
The office serves as a base for Toshiba employees who service clients, like restaurants with their point-of-sales systems, all over the city, Mr. Grossman said. Toshiba also keeps parts and equipment at the office.
“We continue to welcome tech and creative tenants to the building,” Mr. Stavrach said. “We anticipate their rapid growth and arrange for larger blocks of space for them to grow into.”
As CO previously reported, Jay Z, who opened the 40/40 Club at 6 West 25th Street in 2003, earlier this month signed a five-year deal for 1,500 square feet on the 10th floor of the 125,000-square-foot building which has been, on average, 98 percent occupied since 2003.