Zaralo LLC, a women's clothing firm, signed a 24,049-sf lease at 500 Seventh Ave. Grant Greenspan & Michael Heaner of the Kaufman Organization represented Zaralo in the negotiations. Mathew Feigen of Newmark Knight Frank represented the ownership in the transaction. Gohari would not disclose taking rents or aggregate lease value, however he tells GlobeSt.com that Zaralo is leasing for 10 years and asking rents at the building are $45 per sf.
Also at 500 Seventh Ave., HDR, an engineering and design firm, inked a new 11,200-sf lease for a 12-year term. HDR was represented by Paul Formichelli and Bob Bundy of Staubach Realty and Erick Schmall of Studley. Mathew Feigen of Newmark Knight Frank negotiated on behalf of the ownership, the Moinian Group.
Built in 1920, 500 Seventh Ave. is located at the corner of 37th and 38th Streets and features newly renovated lobbies and elevators and boasts large open spaces with exceptional light and attractive views of the Hudson River, Times Square and the West Side. Companies such as the New York Times, iVillage, Dayton Hudson and Phat Farm are just a few of the building's tenants.
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