GFP Inks New Tenant, Renews Another at Garment District Building
By Rey Mashayekhi September 19, 2018 4:20 pm
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The Gural family’s GFP Real Estate has secured one new tenant and renewed another at its office building at 520 Eighth Avenue in the Garment District, GFP announced Tuesday.
In the new deal, travel and entertainment provider Entertainment Benefits Group (EBG) inked a five-year lease for 12,769 square feet at the 25-story, 860,000-square-foot office building between West 36th and West 37th Streets. Meanwhile, labor organization Mason Tenders District Council Welfare Fund agreed to extend its lease for 40,000 square feet at the property after signing a 10-year renewal.
Asking rent in both deals was $48 per square foot, according to GFP. Matthew Mandell represented the landlord in-house in both transactions, while neither EGB nor Mason Tenders had outside broker representation.
Miami-based EBG owns and operates a network of ticket distributors and vendors focused on the travel, entertainment and tourism sector. In a press release announcing the deal, Mandell said EGB was drawn to 520 Eighth Avenue’s “location in the heart of a bustling Midtown neighborhood” and the property’s “close proximity to a number of public transportation options, as well as a wide array of dining and retail options.”
In a separate press release, Mandell said GFP was “proud to retain” the Mason Tenders District Council, a 15,000-member progressive labor organization that represents construction workers, recycling and waste handlers, hazardous materials handlers and Catholic high school teachers across the New York metropolitan region. “Working closely with our existing tenants as their real estate requirements evolve is of paramount importance to us,” Mandell added.
The Real Deal first reported the news of both transactions at 520 Eighth Avenue.
Other tenants at the building include the American Society for the Prevention of Cruelty to Animals and arts and entertainment rehearsal facility Ripley-Grier Studios.
