Canela Media Expands to 8K SF at 370 Lexington Avenue
By Mark Hallum November 20, 2023 9:12 am
reprints
Canela Media has signed a deal to expand to 8,066 square feet, nearly doubling its footprint at 370 Lexington Avenue.
The media firm serving the Latino community originally leased 4,924 square feet in 2021 in the 26-story building owned by Broad Street Development. The expansion and renewal add part of the 15th floor to Canela’s footprint, according to the landlord.
The landlord did not disclose the asking rent or the length of the lease. Midtown saw an average asking rent of $82.68 per square foot in the third quarter of 2023, according to a report from CBRE.
“Located in the heart of the Grand Central District, 370 Lexington Avenue offers modern spaces that complement the building’s prewar charm,” Jack Tobin of Adams & Company Real Estate, who represented the tenant with Brett Maslin, said in a statement. “Since moving into the building in 2021, Canela Media has expanded their presence within the property twice. This location has offered the company the ideal space to run their growing business while being easily accessible from New York City’s major transportation hub.”
Gayle Kennedy and Olivia Schrantz of Broad Street Development represented the landlord in-house and did not immediately respond to a request for comment.
Located at Lexington Avenue and East 41st Street, 370 Lexington was built in 1929. Broad Street purchased the building for $190 million in 2018 before giving it a $30 million renovation in 2019.
Mark Hallum can be reached at mhallum@commercialobserver.com.
