NYC Office Suites Takes 31K SF at Stahl’s Chanin Building
CBRE — whose Arkady Smolyansky and Roger Griswold represented the tenant in the 10-year, 31,433-square-foot deal — announced the deal Wednesday. CBRE did not respond to requests for comment on the asking rents.
“The fully built-out office space was ideal for our client’s expansion needs,” Smolyansky said in a statement. “As people start returning to the office and companies begin reoccupying space in Manhattan, buildings in the Grand Central area and at other major transportation hubs are in high demand, which made this deal a win-win for NYC Office Suites.”
The 30-year-old office rental company, which caters to mid-career professionals looking for a place to work, has locations at 1270 Avenue of the Americas, 733 Third Avenue, 1350 Avenue of the Americas and 420 Lexington Avenue near Grand Central Terminal. Its latest lease comes as landlords — especially those with Class B and C space — mull using flexible office space to help combat low occupancy levels brought on by the pandemic and entice hesitant tenants with adjustable terms.
The Stahl Organization’s 54-story, 860,000-square-foot 122 East 42nd is home to the International Rescue Committee, Apple Bank and retail tenants Juice Generation and Gregory’s Coffee. The landmarked Art Deco building was completed in 1929.
Cushman & Wakefield’s Gordon Hough, Bryan Boisi and Mark Boisi represented the landlord in the deal. The brokers declined to comment on the transaction.
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