With this newest lease, the property is now 100% occupied. Additional tenants in the building include Advent Software, Warner Music Group and Chadbourne & Parke. A source close to the deal tells GlobeSt.com that the tenant will be on the seventh floor. Charlie Valentino, SVP for KBS Realty Advisors, tells GlobeSt.com that "with rents in quality buildings in Midtown well above $100 per sf, we can offer prospective tenants good value in a nearby location at less than half the cost."
KBS was unable to discuss leasing rates for the specific tenant or for the general building however the owner's website lists the asking rent at between $43 and $48 per sf plus electric. Grubb & Ellis was not able to give GlobeSt.com the aggregate lease value or taking rent at this time. Matthew Astrachan, Mitchell Konsker and Robert Gallucci of Cushman & Wakefield represented KBS in the transaction. David Schneck of Grubb & Ellis represented CUNY.
Built in 1930 for Warner Brothers Pictures, the class B property is located between 11th and 12th avenues, one block from the Westside Highway and the Hudson River. The immediate neighborhood is part of the Times Square/Westside submarket.
Valentino explains that the lease signing is a "testament to the growth of the Westside submarket and the marketability of the property itself." The building has frontage on both 54th Street and 55th Street and adjoins a low-rise building to the west. The building benefits from excellent light on three sides and the upper floors provide water views as well as views of Midtown Manhattan.
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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.
