Elevator Provider TEI Renews 23K-SF Offices at The Factory in Long Island City
By Mark Hallum July 20, 2023 5:00 pm
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A contracting firm founded by two elevator mechanics in 1989 signed an early renewal for its offices in Long Island City, Queens.
Transel Elevator & Electric, also known as TEI Group" class="company-link">TEI Group, signed a 10-year renewal for its 22,725 square feet on the sixth floor of The Factory at 30-30 47th Avenue, according to landlord broker Newmark (NMRK), which did not disclose the asking rent.
It wasn’t immediately clear when the tenant moved into the space, which is owned in a partnership between Atlas Capital Group, Invesco and Partners Group" class="company-link">Partners Group.
“The Factory’s targeted focus on the tenant experience continues to bear fruit, as evidenced by this most recent renewal,” Newmark’s Brian Waterman, who repped the landlord alongside Howard Kesseler, Jordan Gosin and Alex Rosenblum, said in a statement. “Further speaking to the heightened focus on tenant retention is the building’s vacancy rate of 5 percent, compared to Long Island City’s average of 18.1 percent.”
John Brod and Ben Waller from ABS Partners represented TEI Group in the deal. Brod and Waller did not immediately respond to a request for comment.
While The Factory fell into a bit of distress during the pandemic, lease deals have been happening in recent months, with apparel brand Ralph Lauren expanding its photo studio from 19,105 square feet to 54,602 square feet in March, Commercial Observer previously reported.
In October 2020, the joint venture was able to get a $300 million loan from the now-beleaguered Credit Suisse (CS) to refinance existing debt on the 10-story, 1.1 million-square-foot office development, retiring nearly $160 million in debt that Blackstone Mortgage Trust provided in 2016, according to CO.
Mark Hallum can be reached at mhallum@commercialobserver.com.
