Trading Firm and Real Estate Investor Ink Deals at 1140 Avenue of the Americas
A trading firm, real estate investment company, pharmaceutical research organization and a beauty product distributor have signed deals to stay put at 1140 Avenue of the Americas in Midtown, Commercial Observer has learned.
The companies inked a total of 45,700 square feet of leases in New York City REIT’s 22-story building between West 44th and West 45th Streets, according to Avison Young, which represented the landlord on all deals.
“We are extremely proud to see our comprehensive strategy for activating and repositioning this asset play out as we continue to diversify the tenant roster, while retaining top-quality tenants,” Avison Young’s Todd Korren, who worked on all four deal with Brooks Hauf and Peter Johnson, said in a statement.
Vatic Labs — a technology-focused trading firm — signed a 12,750-square-foot lease to move its New York City headquarters to a higher floor within the building. The company, which was founded in 2013, currently has 12,750 square feet on the fourth floor but will move to take the entire seventh floor of the property, according to Avison Young and CoStar Group data. An Avison Young spokesman declined to provide the length of the deal or the asking rent.
On the 14th floor, pharmaceutical research and publishing firm PSL Group signed a 10-year extension to keep its 12,750-square-foot offices in the property. The company has leased the entire 14th floor of the property since May 2008, the spokesman said.
Real estate investment company Almanac Realty Investors signed a 10-year deal to expand its offices by 2,939 square feet. The company — which closed on a $1.9 billion real estate fund in October 2018 — had 9,811 square feet on parts of the 17th floor in the property since 2013 and the new deal brings its presence to 12,750 square feet on the entire floor.
In the smallest of the deals, beauty products distributor Grace Beauty renewed its 7,466-square-foot lease on parts of the 16th floor, which it first moved into in 2012. The spokesman declined to provide the length of the lease.
On the tenant rep side, Lance Leighton and Evan Margolin of Savills represented Vatic Labs; Transwestern‘s Ryan McKinney and Lindsay Ornstein handled the deal for PSL Group; Silvio Petriello and Taylor Scheinman of CBRE brokered the deal for Almanac Realty; CBRE’s Brad Auerbach and Lauren Crowley Corrinet handled the deal for Grace Beauty. Spokespersons for the brokerages either declined to comment or did not provide a comment by press time.
New York City REIT purchased the 237,000-square-foot tower from Blackstone Group in June 2016 for $180 million, as CO previously reported.