(Mark your calendars: RealShare New York Oct. 12 in New York.)
NEW YORK CITY-Following a capital campaign and a pre-build program at the 180,000-square-foot building, Savitt Partners’ 499 Seventh Ave. has been bumped up to 98% occupancy. Recent leasing activity totaling 8,700 square feet in the building, has it nearly full.
The two recent leases in the building accounting for the increase are for Basler America and Civolution, Inc. Basler America, a German-based women’s wear line, signed a 4,800-square-foot lease. And Civolution, Inc. committed to lease 3,900 square feet in the building, expanding from the 2,600 square feet it occupied at 601 W. 26th St.
Much of the interest, GlobeSt.com has learned, was the result of a campaign launched by building management. “We’ve done these pre-builds where we’re spending upward of $80 a foot to build out the floors that range in size from 2,200 feet up to 48,000 feet,” Bob Savitt, president of Savitt Partners, tells GlobeSt.com. The pre-builds include, he says, new bathrooms and pantries and are generic enough to appeal to a wide range of tenants, which is why they worked for Basler, a fashion tenant.
Also at work was a multi-million dollar capital campaign in the building, which Savitt says resulted in refurbished elevators and cabs, new windows and improvements to the lobby area.
Brian Neugeboren, a managing director at Savitt Partners who handled the leases internally, says that interest has been varied. “We’re getting a lot of people who are really all over the city--the Grand Central area, the Uptown area,” Neugeboren says. “We’re close to all mass transportation--even Grand Central. And we’re still in the Fashion District, so there are plenty of fashion tenants that are coming over to the building.”
Basler was represented in the negotiation of its seven-year lease at the building by Diego Rodino di Miglione at Cushman & Wakefield, while Civolution was represented by Jack Genicoff of the Real Estate Investment Group.
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