NEW YORK CITY—The Kaufman Organization today announced that Anheuser-Busch has signed an 83,686-square-foot lease to become the anchor tenant at 119-125 W. 24th St.—one of four properties in Kaufman's Madison Square portfolio.
“Being able to sign up a credit tenant is a significant milestone, Kaufman Organization principal Grant Greenspan tells GlobeSt.com. “We had significant interest from five tenants for 50,000 to 75,000 square feet but they were co-working spaces or start-ups looking for their first location, and they wanted less space.”
For the tenant's part, he adds, Kaufman's offering of a separate entrance “swayed them to come to us. It was an attraction that the company can create its own identity [at the building].”
Anheuser-Busch's marketing and advertising offices will be housed on floors seven through 12 (with the exclusive option to expand to floors two and six) and an 8,662-square-foot event space will be located on the ground floor. The company also will have exclusive access to an expansive roof and a private lobby with two passenger elevators at 125 W. 24th St.
Asking rents for office spaces at the building are $65 per square foot, while asking rents for retail space are $115 per square foot. The landlord was represented in house for the transaction by Greenspan and Jessica Kosaric, associate. Anheuser-Busch was represented by DTZ' James Frederick, vice chairman and principal; Jay Holland, senior managing director and Peter Occhi, managing director.
Kaufman made the spaces at 119-125 W. 24th St. available for lease only last November and has exceeded projections for lease-up—the property has become 100% leased in four months. Anheuser-Busch joins AlleyNYC, a co-working firm that recently signed a 36,000-square-foot lease, as the only other tenant at the property. While this tenant is a co-working firm, Greenspan notes, it has strong financial backing.
Currently undergoing a capital improvement plan, the building will be ready for occupancy on December 1st of this year.
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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.
