NEW YORK CITY-Office investment firm RDA Ventures is moving its corporate headquarters to 104 West 40th St., GlobeSt.com has learned exclusively. The firm will take the entire 19th floor in the 20-story, 210,000-square-foot building, owned by New York-based real estate private equity and asset management firm Savanna.
The deal continues a trend of strong leasing activity at the tower, which saw over 60,000 square feet of new office leases as of July 2011. Other new tenants here include TKP New York Inc., a Japan-based professional services firm who took a 10-year, 31,947-square-foot lease, and nonprofit organization Daytop Village Foundation who inked a 29,988-square-foot lease, filling the second, third and fourth floors, respectively. With RDA on board, the building’s total occupancy has now ticked up to 66,610 square feet.
Shep Wainwright, managing director of Savanna, says in a statement to GlobeSt.com that the firm is “thrilled” to welcome RDA to the tower and continue leasing success at the property. “The building’s prime Midtown location, premier office space, and exquisite lobby continue to drive steady demand,” he says.
RDA Ventures, who was represented by Marc Miller of Winoker Realty Co. on the deal, will move from its current location at 45 W. 45th St. to occupy the 6,610-square-foot pre-built space designed by Robert Finger of Fogarty Finger Architects in the tower. Miller also previously leased the 15th and 16th floors of the building to financial services firm Capstone Advisory Group.
Cooper Kramer, a VP at Savanna, tells GlobeSt.com via e-mail that asking rents are in the mid $60’s per square foot. He says RDA moved from its former location to 104 W. 40th "to accommodate the company’s growth and to upgrade their current offices."
The leases go hand-in-hand with Savanna’s ongoing capital program in the building, which includes upgrades to the building HVAC system and the building envelope, along with the installation of full building sprinkler infrastructure. The firm has also launched a marketing and leasing program for the remaining 87,000 square feet of available space, which includes an 80,000-square-foot contiguous block on the fifth through 10th floors, and an addition 6,610-square-foot full tower floor.
Savanna acquired 104 West 40th in August 2010 by purchasing a defaulted first mortgage on the property. The site is located next to Bryant Park and is in close proximity to Grand Central Station.
Paul Amrich, EVP at CBRE, who represented Savanna on the transaction, says the “significant leasing activity” at the tower is a testament to the ownership’s capital plan to reposition the property and the strength of the Midtown market. “We feel very confident in our continued success in early 2012 given the current level of activity on the remaining availability,” he says, in a statement.
In addition to Amrich, Michael Movshovich and Neil King of CBRE also represented the landlord.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
