451 Research, an information technology research and advisory company founded in 2000, has renewed its lease for 13,000 square feet at 20 West 37th Street, Jordan S. Mandel of Vanguard Global Realty told Commercial Observer.
The deal is for six years with an asking rent of $50 per square foot, said Mandel, who exclusively represents 451 Research. The landlord had no outside broker, he said.
The tenant, which is a division of The 451 Group, occupies the third and sixth floors, each 6,500 square feet.
“After an extensive search the current space was most effective for continuous business operation and a reconfiguration of space helped provide room for growth,” Mandel emailed CO.
Neuss Real Estate acquired the 12-story, 91,000-square-foot building between Fifth Avenue and Avenue of the Americas for $25.5 million in February 2006. 451 Research is the largest tenant in the building. Other tenants include NedGraphics, a software developer for the fashion industry, on the entire 6,500-square-foot fourth floor, and Gorton & Partners, a construction project management firm, on the entire 6,500-square-foot 11th floor.