LeFrak Secures Five Leases Spanning 100K SF at 40 West 57th Street
By Mark Hallum November 15, 2021 1:49 pm
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A fragrance supplier, a real estate company and three financial service firms have signed deals at 40 West 57th Street totaling 100,000 square feet, with one being a renewal, according to the landlord’s broker CBRE.
The building, owned by LeFrak, will continue to house Swiss multi-billion dollar manufacturer of flavors, fragrances and active cosmetic ingredients, Givaudan, with a 15-year renewal for 50,000 square feet on the 10th and 11th floors.
Givaudan — whose primary headquarters are in Vernier, Switzerland — has a 250-year history and focuses on helping brands produce better-packaged foods through consumer insights and culinary skills. On the scented front, it’s developed what they call “encapsulation technology,” which helps fragrance oils last longer.
A&E Real Estate signed a 10-year lease for 17,525 square feet on the 17th floor and will soon be relocating from its corporate office at 5 Bryant Park. A&E was founded in 2011 with the purchase of a 49-unit building in Fort Greene, Brooklyn, and is now among the largest owners and managers of residential properties in the city.
Lightyear Capital will be moving from its current location at 9 West 57th Street to the 22nd floor of LeFrak’s building overlooking Central Park with 13,500 square feet of space for 10 years. Lightyear, a financial services firm, will be neighbors with Darsana Capital, an investment advisory firm, which will be relocating and expanding its offices with 11,500 square feet.
Elmwood Asset Management, an investment management firm, will be expanding on the 18th floor and has signed for 7,275 square feet.
Asking rents are $90 per square foot at the base of the building to $140 per square foot in the upper portion of the tower.
Howard Fiddle, Gregg Rothkin, Benjamin Joseph, Evan Fiddle and Arkady Smolyansky of CBRE represented the landlord along with LeFrak’s Marylou Berk, Meredith Jackness and Ray Kawas.
It’s unclear who handled the deals for the tenants.
“40 West 57th Street is without a doubt one of the true gems in the Plaza District,” Howard Fiddle said in a statement. “Office leasing is starting to rebound and we are thrilled to have been able to provide outstanding Class A office space to meet the growing needs of these firms.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
