Excel Security Expands to Over 16K SF at 505 Eighth Avenue
By Amanda Schiavo December 12, 2024 12:13 pm
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Excel Security, a provider of law enforcement and security services, has expanded and renewed its lease at 505 Eighth Avenue, growing to 16,537 square feet for the next 12 years, according to landlord GFP Real Estate.
The security firm will take over the entire 12,400-square-foot 15th floor of the office tower, originally known as the Hoover Building, and maintain the 4,137 square feet on the seventh floor that it currently occupies. Excel will vacate 6,023 square feet on the 17th floor as part of the deal, according to GFP.
“We are thrilled to continue our long-standing relationship with Excel Security — which also handles security for GFP’s entire portfolio — and support their growth within 505 Eighth Avenue,” GFP’s Allen Gurevich, who represented both Excel and the landlord in lease negotiations, said in a statement.
GFP did not disclose the asking rent for the lease extension and expansion. However, previous Commercial Observer reporting noted asking rents averaged $83.28 per square foot in the Midtown area, citing data from CBRE (CBRE).
Excel has been a tenant at 505 Eighth Avenue since 1994. The 25-story, 275,000-square-foot building on the northwest corner of Eighth Avenue and 35th Street was built in 1926.
Tenants include environmental training and consulting company Big Apple Occupational Safety, contracting firm CRC Associates, and advertising firm Mesmerize.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
