Three Tenants Ink Full-Floor Deals at Brause Realty’s 21 West 38th Street
By Isabelle Durso October 4, 2024 1:27 pm
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Three tenants have signed full-floor leases at Brause Realty’s 21 West 38th Street, bringing the Midtown office building to 100 percent occupancy.
Environmental consulting company Partner Engineering and Science signed a new 4,465-square-foot lease on the entire eighth floor of the 17-story building. Meanwhile, the American Lung Association and engineering consultant GPI/Greenman-Pedersen each signed 4,465-square-foot renewals for their full-floor spaces on the third and sixth floors, respectively, according to landlord broker Lee & Associates NYC.
“The desirability of these full floors, which offer dedicated air-conditioning systems and new bathrooms as well as operable windows on three sides, and our excellent collaboration with building ownership gave us the tools to help these tenants envision their companies in their new spaces,” Lee’s Todd Korren said in a statement.
Lee declined to provide the lengths of the leases, but the asking rent for each deal was $39 per square foot.
Korren worked on each deal for the landlord and the tenants. Cushman & Wakefield’s David Mosler, Bruce Mosler and David Dusek represented Partner Engineering. Colliers’ William Classen along with Matador Capital Management’s Larry Bank and C&W’s Jordy Elardo, who were both at Colliers at the time, brokered the deal for the American Lung Association. JLL’s Michael Pallas handled it for GPI/Greeman-Pedersen.
The brokers and spokespeople for Partner Engineering, the American Lung Association and GPI/Greenman-Pedersen did not immediately respond to requests for comment.
Built in 1917, Brause’s 75,000-square-foot building near Bryant Park is now at 100 percent occupancy following the three leases, according to Lee.
“We are extremely pleased with the results which the Lee & Associates NYC team achieved on our behalf,” Brause President David Brause said in a statement. “The quality and profile of our new tenants are excellent additions to our tenant roster.”
Brause has several other projects in the works in New York City, including its office property at 27-01 Queens Plaza North in Long Island City, Queens, for which it secured a $30 million refinance from Apple Bank in July 2023, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
