Leases  ·  Office

Homeless Services Firm Lantern Signs 10K-SF Deal at 575 Eighth Avenue

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Lantern Community Services signed a 9,500-square-foot lease at Olmstead Properties575 Eighth Avenue, Commercial Observer has learned.

The homeless services organization inked a 10-year deal for space in the Garment District building, which had an asking rent of $41 per square foot, according to Samuel Hartstein of Ripco Real Estate, who represented the tenant.

SEE ALSO: How PT of the City Expanded to 20 Locations in Three Years

“Lantern Community Services has been expanding and needed a new space to accommodate their growth. We believe to have found that space here at 575 Eighth Avenue,” Hartstein said in a statement.

Lantern is relocating its offices from 494 Eighth Avenue in January, two blocks west of Herald Square.

Daniel Breiman and Jonathan Bock represented Olmstead in-house in the transaction.

“This is the latest in a series of new leases that was precipitated by our recent building upgrades which include modern new common areas, and the landlord’s commitment to providing quality office space at affordable rents in a beautiful owner-occupied building,” Breiman said in a statement.

Hartstein has negotiated other leases in the building, such as one in May for PT of the City, a rapidly growing physical therapy company that signed a 10-year lease for 3,500 square feet on the 10th floor.

The 24-story building sits at the corner of Eighth Avenue and West 38th Street and was completed in 1925, according to CommercialCafe.

Mark Hallum can be reached at mhallum@commercialobserver.com.