Mercedes-Benz, Nine Left Capital Ink Deals at 27 West 24th Street
By Isabelle Durso August 12, 2024 2:04 pm
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Mercedes-Benz and recently launched asset manager Nine Left Capital have inked new deals at MJ Orbach Associates’ 27 West 24th Street, Commercial Observer has learned.
In the largest deal, a division of Mercedes-Benz signed a 5,401-square-foot lease for part of the fourth floor of the 11-story Flatiron District building, according to a source with knowledge of the deal.
The German car company has a 330,000-square-foot dealership and office at 770 11th Avenue in Hell’s Kitchen but with this latest lease is opening a new outpost for one of its divisions, the source said.
Meanwhile, Nine Left Capital — which was launched in March by Joshua Nemser — took 2,590 square feet for another part of the fourth floor to open its first office, the source said.
The source declined to provide the terms of the deals, but a report from Newmark found office rents in the neighborhood averaged $78.60 a square foot during the second quarter of 2024.
JLL (JLL)’s Joseph Sipala, Sam Seiler, Stefanie Rock and Rebecca Ofri brokered the deals for MJ Orbach. CBRE (CBRE)’s Eddie Sisca, David Opper and Jeffrey Babikian represented Mercedes-Benz, according to Sisca, who did not immediately provide further comment. It’s unclear who brokered the deal for Nine Left.
The JLL brokers declined to comment.
Other tenants of the 126,000-square-foot 27 West 24th include Peyton Manning’s production company Omaha Productions, which signed a short-term sublease for 5,401 square feet on the fifth floor from tech firm EvolutionIQ in late May, CO previously reported.
Cannabis software company Fyllo also opened its first Manhattan office on the seventh floor after taking 5,371 square feet in the spring. Fyllo quickly jumped on the site because its offices were “new, turnkey [and] delivered fully furnished,” Sipala previously told CO.
The office building recently made major upgrades to its lobby, elevator cabs, common corridors, bathrooms and building infrastructure lines, according to MJ Orbach’s website.
Isabelle Durso can be reached at idurso@commercialobserver.com.
