MJ Orbach Leases 33,000 SF to Knotel
The flexible office space provider’s leases have already started at the Manhattan buildings, one in the Midtown South and the other in Chelsea.
NEW YORK CITY—Knotel has leased 16,975 square feet at 259 W. 30th St. in Chelsea and 15,834 square feet at 260 W. 39th St. in Midtown South from MJ Orbach Associates. The combined leases add up to 32,809 square feet spanning five floors. The buildings share similarities. Both were constructed in the mid to late 1920s and are located between Seventh and Eighth avenues.
The asking rents in the Chelsea property are in the high $50s per square foot and in the Midtown South building in the Garment District are in the low $50s per square foot. Knotel’s leases are for 10 years, flexible to their sub-tenants.
MJ Orbach is a New York-based boutique real estate owner and operator. Its property at 260 W. 39th St. is a 19-story building with 10,365-square-foot floor plates, exposed ceilings, polished concrete floors and new tenant installations. The building at 259 W. 30th St. has 17 floors, a new lobby, newly prebuilt full floors with natural light on all sides and views of the river and Hudson Yards.
As the leases have already begun, the flexible office service provider is in possession of the offices. The space in the Chelsea property is already listed and ready for move-in.
Newmark Knight Frank vice chairman William Cohen, director Jarad Winter and associate director JD Cohen represented MJ Orbach Associates. Colliers’ vice chairman Michael T. Cohen, managing director John Pavone and associate Jessica Verdi represented Knotel.
“The West 30s’ office market offers excellent value to its tenants. It has excellent access to transportation, abundance of new upscale retail and restaurants and affordable rents,” says JD Cohen. “Ownership was able to lease a large portion of their current vacancy to Knotel in order to provide creative space to technology, advertising, media and information tenants seeking loft-like work spaces on a flexible basis.”