Private Security Firm Mulligan Security Expands to 25K SF at 7 Penn Plaza
By Abigail Nehring January 16, 2024 2:10 pm
reprints
A private security company moved to a lower floor and nearly tripled its footprint at 7 Penn Plaza.
Mulligan Security signed a 12-year deal to relocate its offices within the 18-story building to the entire 24,788-square-foot second floor, according to landlord the Feil Organization.
Asking rent was $65 per square foot, according to a Feil Organization spokesperson.
Mulligan has occupied 9,087 square feet on the 17th floor of the building, also known as 370 Seventh Avenue, since 2022, when it relocated its offices from 2 Penn Plaza, as Commercial Observer previously reported. It will now move to the second floor and tack on another 15,701 square feet.
The regional security and fire safety services provider was acquired in 2021 by Norwalk, Conn.-based Protos Security and private equity firm Southfield Capital for an undisclosed amount, according to an announcement of the deal.
Mulligan has since scaled up significantly, according to its Chief Financial Officer Anthony Escamilla.
“As our company undergoes rapid growth, The Feil Organization worked with us to create a new custom-built office space with separate street-level private access,” Escamilla said in a statement. “We look forward to another decade-plus of growth and expansion here at 7 Penn Plaza.”
CBRE (CBRE)’s David Hollander and David Katz arranged the deal for Mulligan while the Feil Organization was represented in-house by Andrew Wiener, David Turino and Henry Korzec.
“We worked with Mulligan Security to create a specialized building-within-a-building concept to fulfill the needs of their unique, market-leading training and recruitment programs,” Wiener said in a statement.
Hollander said in a statement the two sides worked together “to find a creative solution that would allow Mulligan to grow.”
Other recent deals in the building between West 30th and West 31st streets include consulting engineering firm KC Engineering and Land Surveying and accounting firm MarcumAsia, which both expanded their space in the Midtown building last year. Venture capital firm SOSV also recently opened a biotech incubator in the property, CO reported.
Abigail Nehring can be reached at anehring@commercialobserver.com.
