Meirowitz & Wasserberg LLP has renewed and expanded its Manhattan footprint to 24,014 sq. ft on the 255,000-square-foot 1040 Avenue of the Americas. Newmark brokered the deal on behalf of the owner, Skyline Builders.
The private damage legislation agency renewed its dedication for 12,007 sq. ft on the tenth ground and in addition absolutely leased the seventh ground of the constructing. The corporate has been a tenant on the 24-story property since 2021, having initially occupied 5,448 sq. ft.
Accomplished in 1925, the Artwork Deco workplace tower underwent a full-scale renovation and façade restoration in 2016. The constructing has pre-built and custom-built workplace suites with floorplates starting from 6,895 to 12,007 rentable sq. ft.
Situated between Bryant Park and Occasions Sq., 1040 Avenue of the Americas offers entry to Penn Station. Empire State Constructing and Rockefeller Heart are inside strolling distance.
Newmark Vice Chairman William Cohen and Affiliate Director Ariel Harwood represented the proprietor within the lease negotiations.
Indicators of regular progress for Manhattan’s workplace sector
Manhattan’s workplace emptiness price fell to 16.5 p.c as of March, down 100 foundation factors year-over-year, in line with the most recent CommercialEdge workplace report. The market’s itemizing price throughout the identical month clocked in at $69, greater than double the $33.4 nationwide common.
Notable offers within the space embody Newmark’s renewal and enlargement for its headquarters in Manhattan, at 125 Park Ave. The corporate, which has been a tenant on the constructing for the reason that mid-Nineteen Nineties, grew its footprint to 184,239 sq. ft.
In February, two legislation companies prolonged their leases at 600 Third Ave., additionally in Midtown Manhattan, for 55,269 and 12,505 sq. ft. L&L Holding Co. owns the 42-story tower.
