KBS Secures 31,811-SF Lease for CUNY

NEW YORK CITY-KBS Realty Advisors has secured a 10-year lease totaling 31,811 sf at 619 W. 54th St., a 10-story, 301,000-sf office building here. KBS has leased the space to City University of New York, who will relocate certain administrative functions of John Jay College from its headquarters just two blocks away. The move-in of approximately 115 people is anticipated for March.

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.