New York City-based Muss Development's Stan Markowitz negotiated the lease with the City of New York, and Manny Fuhrman of Muss represented Queens Tower in the Con Edison lease. A source close to the deal tells GlobeSt.com that they are not able to release numbers on the price at this time.
The 185,000-sf, 10-story building was long occupied by Verizon Communications. When the telecommunications company vacated the property in 2005, Muss Development recognized the opportunity to invest in upgrades that would attract major creditworthy tenants, according so a company release. Muss gutted the building, removed asbestos and installed new utilities, HVAC and elevators. The lobby was also completely renovated, as was the three-level parking garage, with 269 spaces, adjacent to the building, which is used by Queens Tower tenants and visitors.
As part of the renovations, Muss constructed a second lobby on 88th Avenue, for the exclusive use of the city's employees, clients and visitors. Tenants on floors seven through 10 use the lobby on 165th Street.
"The separate lobby enables the city to have total control of their environment," says Jason Muss, a principal at Muss Development. "For them, it is the next best thing to occupying the entire building. It also allows new tenants to have a more private entrance around the corner."
Muss is currently in negotiations with two tenants for 26,500 sf of space on the seventh and half of the ninth floor, which would leave 32,000 sf available. According to Muss, although they are not able to reveal to GlobeSt.com who the other two tenants are at this time, they note that leasing interest has exceeded their expectations.
"Our investment in Queens Tower's renovation, along with the building's location in a bustling section of the borough, near major bus and subway lines, the AirTrain to JFK, and highways, providing easy access to both major airports, and all areas of Queens, Manhattan, Nassau County & Brooklyn has attracted and continues to attract interest from quality tenants," Muss notes.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
