The Factory, 30-30 47th Ave., Long Island City, Queens
NEW YORK CITY—Spin Master Corporation is expanding its New York City headquarters, signing a six-year, 25,744 square-foot lease at the Factory, in Long Island City, Queens. It will be joining its games and puzzle division, Cardinal Toys, on the sixth floor of the 10-story building.
The move is scheduled for the first quarter of 2019. It will bring the footprint of the Canadian-based children's entertainment and products company to 50,802 square feet within the 1.1 million square-foot, creative office building. The asking rent in the building is in the low-$40s.
The owners are a joint venture of Atlas Capital Group, Partners Group and Invesco. In April 2018, they purchased Square Mile Capital's interest in the property at 30-30 47th Ave. in LIC for $400 million, according to Real Capital Analytics.
The Factory focuses on supporting growing companies. “The fact that Spin Master doubled in size in less than a year proves our desire to provide a creative and amenity-rich environment that dynamic companies like Spin Master need in order to attract and retain talent,” said Jay Fehskens, senior director, asset management of Atlas Capital Group.
Formerly a Macy's warehouse and originally constructed in 1926, the Factory has been extensively renovated. The adaptive reuse of the structure preserved attributes such as large, flexible floor plans, high ceilings and oversized windows with views of Manhattan. The building enjoys a reputation for attracting millennials with open plan workspaces, a modern lounge, high-quality food, indoor bike storage, an athletic club, parking and a private roof deck.
Other building tenants include HALO Branded Solutions, Ralph Lauren, Macy's and J. Crew's Madewell.
Newmark Knight Frank's Brian Waterman, Howard J. Kesseler, Jordan A. Gosin and Alex Rosenblum represented the owners in their most recent lease with Spin Master.
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.
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.
