Cobalt Service Partners Signs 5K-SF Deal at 53 West 21st Street
By Mark Hallum February 6, 2025 4:03 pm
reprints
A private equity firm that acquires businesses providing technical services to industrial properties is moving its offices to Midtown South.
Cobalt Service Partners signed a 5,000-square-foot, five-year lease with The Moinian Group at 53 West 21st Street to relocate from its current 1,500-square-foot offices at 40 West 17th Street, according to the landlord.
Moinian did not disclose the asking rent in the building, but Midtown South saw an average asking rent of $77.19 per square foot in the fourth quarter of 2024, according to a report from Cushman & Wakefield.
“Situated within a vibrant neighborhood with unparalleled accessibility, 53 West 21st Street offers Cobalt Service Partners’ a prime location for their continued growth trajectory,” Omar Sozkesen, vice president of commercial leasing at Moinian, said in a statement.
Douglas Regal and Chelsea Foster of JLL (JLL) negotiated on behalf of the landlord while Ross Eisenberg and Jeremy Birns from RDE Advisors handled the deal on behalf of Cobalt.
Cobalt was quickly outgrowing its old headquarters on 17th Street, where it had been for about a year, and the brokers had from only a few months to narrow down the search for a new outpost from about 15 prebuilt locations. Cobalt finalized the deal for 52 West 21st Street in mid-January, according to Birns.
“The market in Midtown South is still saturated with product,” Eisenberg told CO. ”But in terms of quality product that’s ready to go, I’d say that the market is getting much tighter, comparatively speaking, to 12 months ago.”
JLL did not respond to a request for comment.
The building just southwest of Madison Square Park is one of several buildings in Moinian’s portfolio in the Flatiron District. Others in the portfolio are 10 West 18th Street, 12 East 18th Street, 37-39 West 17th Street, 29 West 17th Street, 53-55 West 21st Street, 54 West 22nd Street and 147 West 24th Street, according to VTS.
Mark Hallum can be reached at mhallum@commercialobserver.com.
