Civil Construction Firm E.E. Cruz Signs 22K-SF Lease at 14 Penn Plaza
By Mark Hallum August 8, 2024 5:48 pm
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A construction firm specializing in infrastructure has signed a lease for a new Manhattan office at Circle Realty Group’s 14 Penn Plaza, Commercial Observer has learned.
E.E. Cruz, a subsidiary of Flatiron Construction, signed a 10-year, 22,213-square-foot office lease on part of the seventh floor in the Penn District building, according to the landlord. Asking rent is $60 per square foot in the building.
This is a second office for the firm, which already moved into the building, with its main offices being at 16-16 Whitestone Expressway in College Point, Queens.
“As 14 Penn Plaza is the epicenter to transportation in the city, being in Penn Station, we are thrilled to attract such a great tenant and to add to our incredible tenant roster,” Jay Futersak, president of Circle Realty Group, told CO.
Dennis Someck and Justin Myers from Lee & Associates NYC negotiated on behalf of the tenant.
“I’ve done several deals with these construction companies that are related to the [Metropolitan Transportation Authority] projects … so they needed to be near Penn Station,” Someck said. ”We had a very accommodating landlord that met the need of getting immediate occupancy while they built out the space. We did the deal quite honestly in ten days, two weeks which is highly unusual in this market.”
The MTA will use about 12,919 square feet of the space while E.E. Cruz is using 2,877 square feet and about 6,400 square feet is being built out, according to Someck
Other tenants in the building with an alternate address of 225 West 34th Street include coworking operator IWG (formerly Regus), which signed a 15-year renewal on its 28,341-square-foot space in April, and law firm Capell Barnett Matalon & Schoenfeld, which signed a 15-year lease for 15,000 square feet in August 2023.
Update: This story has been updated to correct the square footage of the lease.
— With additional reporting by Nicholas Rizzi
Mark Hallum can be reached at mhallum@commercialobserver.com.
