GlobeSt.com EXCLUSIVE: Winter Org. Net Leases 300,000-SF 55th St. Building

NEW YORK CITY-The Winter Organization has entered into a long-term net lease agreement with the ownership of 423 W. 55th St, a class C office/industrial building near Columbus Circle. The company is planning major capital improvements for the property in hopes of luring new tenants eager to set up shop in the revitalized neighborhood.

The 12-story building is located between Ninth and Tenth avenues and comprises roughly 300,000 sf. The tenant roster is a mix of office and industrial full-floor occupancies including global media giant Viacom Inc.

Grubb & Ellis managing director Neil Helman and associate managing director Art DellaSalla brokered the deal, which includes three renewal options that bring the maximum term to 99 years. Vincent Carrega, an executive managing director at Grubb, would not get into the financials of the deal, but tells GlobeSt.com, “We valued the building in excess of $30 million and net leased it at a rent that was commensurate with that value.”