Wealth Management Firm Middlegate and AI Company Merlyn Mind Extend Leases at 8 West 40th
By Amanda Schiavo October 16, 2024 1:38 pm
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You’ve got to know when to hold ’em, and Jack Resnick & Sons is holding on to two tenants at its 8 West 40th Street office near Bryant Park.
In the largest deal, Middlegate Securities, a wealth management firm for institutional and high-net-worth clients, is extending the lease for its 13,334-square-foot space in the building for an additional 10 years, according to the landlord. Middlegate Securities previously occupied the third and fourth floors of 8 West 40th and will now occupy the fourth and fifth floors.
Additionally, Merlyn Mind, an artificial intelligence company offering voice-controlled tools for teachers designed to improve students’ academic performance, is retaining its 6,667-square-foot offices on the 20th floor for another two years, the landlord said.
Asking rent in the building is $65 per square foot.
“Middlegate Securities and Merlyn Mind’s decisions to extend at 8 West are a testament to our relationships with both companies, the quality of the building, and its unmatched location on the doorstep of New York’s iconic Bryant Park,” Jonathan Resnick, president of Jack Resnick & Sons, said in a statement.
Jack Resnick & Sons was represented in-house by Brett Greenberg and Fran Delgorio for both transactions. Noah & Company‘s Benjamin Blumenthal and Ralph Chattah brokered the deal for Middlegate Securities. Cushman & Wakefield (CWK)’s Evan Algier and Nick Masi handled it for Merlyn Mind.
C&W declined to comment. Brokers from Noah & Company did not respond to a request for comment.
Jack Resnick & Sons purchased 8 West 40th Street in 1962. Tenants include Heritage Grand Bakery, the nonprofit Altman Foundation, commodity trader Trammo, and Marchon Eyewear.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
