"Fundamentals in the New York City office market remain robust fueled by strong demand from tenant growth," says Steven Durels, SL Green's EVP of leasing. "Millwork is a marquee tenant and we're delighted they have selected 1372 Broadway to anchor their business. This transaction illustrates the strength of our commitment to service the on-going needs of our tenants."
The 10-year lease signed by Millwork, a subsidiary of Hong Kong-based Li & Fung a consumer goods company, gives it the entire third and fourth floors of the 21-story building. The original lease for 43,708 sf was signed in August of 2002 for 10 years, Durels tells GlobeSt.com. Current asking rent in the building is $48 per sf.The more than 70,000 sf Millwork is taking will bring the facility to 100% occupancy, Durels says. Other major tenants in the 534,000-sf building include Ross Stores Inc. and Ann Taylor Inc.
Millwork will use the space as both offices and showrooms.
Cushman & Wakefield's Alexander Chudnoff and Mitchell Konsker represented the Millwork, while Jones Lang LaSalle's Frank Doyle represented SL Green.
Earlier in the week, SL Green made a play to strengthen its Midtown assets, with the $73-million purchase of two office buildings. As GlobeSt.com reported, the company purchased 331 Madison Ave. and 48 E. 43rd St. from an unnamed private investor.
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