Tribeca’s 40 Worth Street Hits Max Occupancy After 15K-SF Worth of Leases
By Amanda Schiavo December 19, 2024 12:41 pm
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Tribeca’s 40 Worth Street — also known as the Merchants Square Building — has reached the coveted 100 percent leased milestone thanks to four new deals totaling 15,400 square feet, landlord GFP Real Estate announced.
In the largest deal, Jani Real Estate signed a three-year lease renewal and expansion to now occupy a total of 8,442 square feet on the eighth floor, according to GFP. Jani has added an additional 3,768 square feet to its existing space.
Meanwhile, Mighty Minds and Muscles, a pediatric therapy and coaching organization, inked a “short-term lease” to occupy 3,958 square feet on the eighth floor.
Visual artist Emily Christine Velez Nelms signed a four-year lease for 1,500 square feet on the sixth floor. In the final deal, construction services company P&T Construction inked a three-year lease for 1,500 square feet on the eighth floor of the building.
Roy Lapidus of GFP represented the landlord in all four of the lease deals and also brokered the deal for three of the four tenants. Jonathan Bock of Olmstead Properties handled the deal for Velez Nelms.
Bock did not respond to a request for comment. GFP did not provide asking rent on any of the deals, however previous Commercial Observer reporting noted asking rents of around $85 per square foot for the building.
“Reaching 100 percent leased at 40 Worth Street is a testament to the resilience of Tribeca and the enduring appeal of well-positioned, high-quality office space in today’s market,” Lapidus said in a statement. “Our commitment to providing flexible, tenant-focused solutions has been key to attracting a diverse group of businesses that value both the location and the character of the property.”
Built in 1929 by architecture firm Jardine, Hill & Murdock, 40 Worth Street spans almost 800,000 square feet and occupies a full block from Worth to Thomas streets, between West Broadway and Church Street.
Other tenants of the 16-story building include a variety of nonprofits such as investment-based group the Acumen Fund, free legal defense provider The Legal Aid Society, and wrongful conviction investigators The Innocence Project.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
