Swedish Institute Inc. has signed a 17,610-square-foot lease at Rosen Equities’ 151 W twenty sixth St., a 197,336-square-foot workplace property in Manhattan, N.Y. Moreover, the tenant additionally signed a 10-year extension lease for its current 40,068-square-foot on the workplace constructing, which brings its complete footprint to 57,678 sq. ft.
Koeppel Rosen LLC organized the lease signings on behalf of the possession, whereas Cushman & Wakefield represented the tenant within the transaction.
The academic institute had beforehand occupied 35,220 sq. ft on the workplace constructing, in addition to 4,848 sq. ft of retail house, throughout three non-consecutive flooring. The brand new 17,610-square-foot lease contains the complete third ground.
June noticed Manhattan’s workplace itemizing charges drop to a median of $67.97 per sq. foot, down 4.7 % year-over-year, in accordance with the newest Yardi Matrix workplace report. Although the nationwide emptiness continues to stay flat month-over-month at 19.4 %, the borough exhibits indicators of enchancment, with a emptiness price of 15.2 %, reflecting a 130-basis-point lower in comparison with the identical interval final yr.
A mid-rise Chelsea constructing
Accomplished in 1912 and designed by architectural agency Schwartz & Gross & B.N. Marcus, the property rises 12 tales between Sixth and Seventh Avenues. The mid-rise options common floorplates of 17,610 sq. ft, in addition to 14,850 sq. ft of retail house, Yardi Analysis Information exhibits.
Facilities on the Power Star-certified workplace constructing embody 24/7 constructing entry, freight and passenger elevator cabs, in addition to an attended foyer. Items & Providers, LLC, Social Code LLC, and CTA Architects P.C. are among the tenants on the property.
Located in Manhattan’s Chelsea neighborhood, 151 W twenty sixth St. is close to the metro station on twenty eighth Avenue, on strains 1 and a pair of. Moreover, the historic mid-rise is equidistant between the Empire State Constructing and the Flatiron Constructing, lower than 1 mile away.
Koeppel Rosen LLC Director Max Koeppel represented Rosen Equities in each lease offers, whereas Cushman & Wakefield Government Vice Chairman Mark S. Weiss labored on behalf of Swedish Institute Inc.
