Law Firm Capell Barnett Locks in 15K SF at 14 Penn Plaza
The deal was one of eight Circle Realty recently signed in the building.
By Mark Hallum August 10, 2023 1:33 pm
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A Penn District building isn’t exactly feeling the effects of distress after signing eight lease deals in the last four weeks, Commercial Observer has learned.
In the largest deal, law firm Capell Barnett Matalon & Schoenfeld signed a 15-year lease for 15,000 square feet to relocate from 1385 Broadway to Circle Realty Group" class="company-link">Circle Realty Group’s 14 Penn Plaza, where asking rent is $60 per square foot.
“The good news is that there’s life there,” Jay Futersak, president of Circle Realty, said in a statement. “We’re catering to the full-service, smaller firms that aren’t looking for full floors, we’ll take [larger tenants], but we’re seeing absorption.”
Richard Kramer of Newmark (NMRK) represented the tenant in the transaction. The brokerage did not respond to a request for comment.
Also signing on for office space in the building, with an alternate address of 225 West 34th Street, was VMware, a division of Broadcom Software, which inked a 10,000-square-foot lease.
The software company will relocate from 636 Avenue of the Americas, according to the landlord.
Peter Michailidis and Daniel Posy of JLL (JLL) negotiated on behalf of VMware in the transaction. JLL did not immediately respond to a request for comment.
Garganigo Goldsmith & Weiss renewed its lease in the building for 12 years, upgrading from 3,700 square feet to 6,000 square feet
Metropolitan Foot & Ankle Group signed a 1,356-square-foot lease; law firm Sun & Ren nabbed 2,098 square feet; RMR Wealth Management took 1,500 square feet; and Liu, Chen & Hoffman is relocating from 1 Penn Plaza with a 1,500-square-foot deal. Empire Hospitality grabbed 1,500 square feet as well.
Mark Hallum can be reached at mhallum@commercialobserver.com.
