Adco Electrical Signs 14K SF at 355 Lexington Avenue
By Mark Hallum May 19, 2023 1:48 pm
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Two tenants have leased almost 23,000 square feet at Rudin’s 355 Lexington Avenue, Commercial Observer has learned.
Adco Electrical Corporation is expanding from the 8,500 square feet it previously leased on the 17th floor to a 10-year deal for 14,446 square feet on the 13th floor of the building between 40th and 41st streets, according to the landlord.
Meanwhile, B6 Real Estate Advisors signed a five-year lease for 8,397 square feet on the third floor of the building and has already moved into the space, Rudin said. It’s unclear where the company relocated from. Until the end of April, they were on a sublease at 1040 Sixth Avenue.
Asking rent was $55 per square foot, according to Rudin.
“Companies at 355 Lexington benefit from the boutique environment we have fostered at the building, as well as its unrivaled access to the New York City subway system, MetroNorth and Long Island Rail Road via the MTA’s newly completed Grand Central Madison,” Michael Rudin, executive vice president at Rudin, said in a statement.
Adco did not use an outside broker in the deal, while B6 was represented by Bill Montana of Savills in its transaction. Robert Steinman of Rudin handled both deals on behalf of the landlord.
Savills did not immediately respond to a request for comment.
The building was completed in 1959 and designed by Emery Roth & Sons. It spans 227,000 square feet across 22 floors and has attracted tenants such as quality control firm Applause, which signed a 17,500-square-foot lease in October 2022, CO previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
