ABS Partners Inks Six Midtown South Office Leases
The Midtown South submarket will continue to offer tremendous value even despite the coronavirus, says ABS’ Ronald Zimmerman.
NEW YORK—ABS Partners Real Estate has signed six new leases in Midtown South. The locally-based company says demand is strong for space in this neighborhood, despite the coronavirus.
Midtown South is showing no signs of slowing down even amid this global healthcare crisis, Ronald Zimmerman of ABS Partners Real Estate, says in prepared remarks.
Zimmerman and Ian Weiss of ABS Partners Real Estate recently closed the following deals across five ABS Partners buildings:
- Boom Shakalaka moved from an office at 530 Seventh Ave. to a full-floor, 5,500-square-foot space on the ninth floor at 260 Fifth Ave. The asking rent was $58 per square foot. Zimmerman and Weiss represented Boom Shakalaka and Michael Heaner at Kaufman represented building ownership.
- Unifor leased 5,000 square feet comprising the entire eight floor at 152 Madison Ave. The asking rent was $59 per square foot. Zimmerman and Weiss represented the landlord, Heskells, while Newmark Knight Frank represented Unifor.
- At 9 E. 37th Street MindGym subleased a 5,000-square-foot space to Epsilon Holdings Ltd. Zimmerman and Weiss represented MindGym, while Joe McLaughlin and Brian Wilson of Vestian represented Epsilon. Asking rent here was $55 per square foot. MindGym is expanding to a larger space at 475 Park Avenue South.
- Also at 9 E. 37th St., Colorado-based Continuum Media leased the entire 3rd floor, 5,000 square feet of space . Asking rent was $49 per square foot. Zimmerman and Weiss represented the landlord, while Alex Leopold of Newmark Knight Frank, represented the tenant.
- At 19 W. 36th Street, Kenneth Jay Lane Jewelers leased 5,200 square feet of space on the entire 9th Floor. The new tenant was in part drawn to the planned capital improvements to the building, which a lobby renovation and mechanical upgrades. The asking rent was $44 per square foot and Boom Town Realty represented the tenant while Zimmerman and Weiss represented the building owner.
- Site Safety signed a 10-year lease for 4,200 square feet at 49 West 38th St. Zimmerman and Weiss represented the landlord. Savills represented the tenant. The asking was $46 per square foot.
“The Midtown South submarket will continue to offer tremendous value,” Zimmerman says. “Now, more than ever, tenants are demanding pre-built or well-built second generation spaces combined with landlords that can quickly modify-to-suit.”