205-215 Lexington Ave., in Manhattan's Murray Hill neighborhood
NEW YORK CITY—Somerset Group, a New York-headquartered real estate investment, management and development firm, signed 10-year lease renewals with two of its current tenants. ArchCare and GRACE Communications Foundation will occupy a total of more than 40,000 square feet at 205 and 215 Lexington Ave. The asking rents were not disclosed.
The Lexington Avenue property stands between E. 32nd and E. 33rd streets in the Murray Hill neighborhood on the East Side of Midtown Manhattan. Somerset also maintains its offices in the building.
“It is validating to us as landlords to see our existing tenants renew and expand,” says David Eshaghian, principal of the Somerset Group. “They see us daily, and we think they appreciate the value of leasing office space in an owner-occupied building.”
Cushman & Wakefield's David Hoffman and Bryan Boisi represented the landlord, Somerset Group.
“We were able to successfully retain and expand ArchCare by accommodating a consolidation of various offices into 205 Lexington Ave.” says Boisi. He explains by comprehensively renovating the premises, Somerset was also able to renew the GRACE Communications lease. The 21-floor building was originally constructed in 1962, according to Real Capital Analytics.
ArchCare, one of the largest Catholic continuing care systems in the country, expanded its footprint acquiring additional administrative office space. Its lease covers 27,000 square feet across multiple floors at 205 Lexington Ave. CBRE's Mary Ann Tighe, David Hollander, Lauren Crowley and Liz Lash represented ArchCare.
GRACE Communications Foundation works to increase public awareness of health and environmental issues. Its lease now occupies the entire 10th floor, totaling 13,026 square feet at 215 Lexington Ave. Grace was represented by Savills Studley's Daniel Thompson.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
