NEW YORK CITY-As interest in the Lower Manhattan market continues to grow, owner/manager Stellar Management has executed a 25,462-square-foot lease at 2 Rector Street with non-profit organization Ithaka--and is currently in the process of negotiating over 30,000 square feet of new leases to be announced shortly, GlobeSt.com has learned.

Details about the new deals cannot be disclosed due to ongoing negotiations, says Adam Roman, COO of Stellar Management, but tells GlobeSt.com he is noticing “demand for Downtown in general” over the last two months. “Obviously with rents increasing in Midtown, Downtown has seen an increase in rents, but there is still a difference,” he says. With only 85,000 square feet left inside the 26-story, 430,000-square-foot ‘U-shaped’ building, asking rents for pre-built space at 2 Rector start at $37 per square foot, and Roman expects them to continue to rise. “It’s still a good value.”

Ithaka, the building’s new tenant, relocated and expanded from the Flatiron District in Midtown South and will occupy the entire 18^th floor and part of the 17^th floor here. The lease comes shortly after Stellar Management completed a capital improvement plan and implemented a pre-built program at the Pre-War building, which includes high-end suites, architecture services and custom build-out to suit tenant’s individual needs.