Residential landlord MD Squared Property Group will triple its New York City footprint.
MD Squared inked a five-year sublease to relocate from less than 5,000 square feet on the fourth floor of 801 Second Avenue to a 14,855-square-foot space across part of the sixth floor of 7 Penn Plaza, also known as 370 Seventh Avenue, between West 30th and 31st streets, Commercial Observer has learned.
The landlord moved into the space in May, taking it over from payroll software provider Cast & Crew Entertainment Services, which was subleasing the offices from the media and analytics company ComScore, according to Lee & Associates NYC, whose team of Justin Myers, Dennis Someck and Conor Krup represented MD Squared in the deal. Lee & Associates declined to comment on the asking rents.
MD Squared would have stayed in 801 Second if its landlord, Tri Realty, could have accommodated an expansion for the firm, but since it didn’t have enough room MD Square chose 7 Penn Plaza because its employees wanted a more convenient commute to come back to the office two days a week, Michael Mintz, MD Squared’s CEO, said.
“We are excited to be able to give everyone on our team a little more space as our team returns to the office post-COVID and we continue our expansion,” Mintz said in a statement.
The Feil Organization’s 411,000-square-foot 7 Penn Plaza is also home to Starbucks’ northeast regional headquarters, Douglaston Development and Sean O’Sullivan’s life sciences venture capital firm SOSV.
Savills’ Erik Schmall and Daniel Thompson, who has since moved to Cushman & Wakefield, represented Cast & Crew in the deal. Feil’s David Turino handled it in-house for the landlord.
C&W declined to comment and Schmall did not immediately respond to a request for comment.
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