NEW YORK CITY-Against the backdrop of a staggeringly low vacancy rate in Midtown South, an existing tenant there has just renewed its lease.
Meringoff Properties announced Wednesday that Vitech Corp. has renewed and extended its global headquarters lease at 401 Park Ave. Dennis Someck, executive managing director and principal at Lee & Associates represented Vitech in the transaction, while Mark Stein, SVP and Jason Vacker, VP at Meringoff, acted in-house on behalf of the leasing agent for ownership. Alan Katz, attorney at Greenfield, Stein & Senior represented the tenant, and Larry Mergentine, an attorney with Rosenberg & Estis, acted for the landlord. Asking rents at the 252,000-square-foot office building range between $53-$60 per square foot.
A provider of systems engineering and architecture software, Vitech signed a 10-year, 42,200-square-foot lease on two floors at the 12-story property, which sits at the southeast corner of east 28th Street on Park Avenue. The company renewed its lease with ownership and extended its tenancy on both floors on a direct basis for another decade, says Stephen Meringoff, principal, in the announcement.
“Midtown South has firmly established itself as a magnet for high-tech, creative companies, including ad agencies, digital enterprises and design firms—tenants whose preferences are to be situated in a trendy, burgeoning business environment, surrounded by popular dining, hotels and entertainment venues,” he says in the release.
Featuring two recently renovated lobbies and an open office plan with exposed steel columns, 401 Park Ave. South could accommodate a requirement of up to 84,400 square feet of contiguous space, ideal for a sole user, the announcement states.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
