Canadian Toy Company Ditching Manhattan’s Fifth Avenue for LIC
By Nicholas Rizzi January 11, 2019 6:00 pmreprints
Spin Master, a global children’s entertainment company, will lose its Manhattan offices and relocate to The Factory in Long Island City, Queens, the landlords announced today.
The Toronto-based company signed a six-year lease for 25,744 square feet on the sixth floor of the 10-story 30-30 47th Avenue between 30th Place and 31st Street, according to a press release from landlords Atlas Capital Group, Partners Group and Invesco Real Estate.
Asking rent was in the low $40s per square foot and Spin Master plans to move into the 1.1-million-square-foot building in the first quarter of this year, a spokeswoman for Atlas said.
Newmark (NMRK) Knight Frank’s Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum handled the deal for the landlord. A spokeswoman for Atlas would not provide the names of the brokers for the tenant.
“The team at the Factory is excited to have Spin Master grow in the building and we will do our best to work with the landlord to continue to curate a unique tenant experience,” Gosin said in a statement.
Spin Master will join its subsidiary toy company Cardinal Industries on the sixth floor of The Factory, which took 25,000 square feet in the building last May, as Commercial Observer previously reported.
The partnership of landlords bought the block-long former textile warehouse in 2014 and overhauled it into an office building in 2015, as CO previously reported.
Other tenants in the building include jewelry maker Starlight Designs, clothing company Madewell and Macy’s.