One of America’s largest privately held security companies is moving its New York City offices down the street to 3,000 square feet at 561 Seventh Avenue.
SOS Security Incorporated signed a long-term lease for the entire 20th floor of the building. Asking rent was $41 per square foot.
“They wanted a full-floor presence,” said Scott Galin of Handler Real Estate, which represented landlord Handler Real Estate Organization. “They were on a split floor in the prior building. They loved the idea of having a full-floor footprint.”
The high floor and “terrific light” also appealed to the security company. Another reason for the move was expansion: the new space is bigger than their old offices at 850 Seventh Avenue. SOS Security will move during the first quarter of 2012.
The Observer asked Mr. Galin if there were any incentives involved, this being the nascent end of the recovery. He said they “did some work for the tenant and the tenant got a modest amount of free rent.”
Allen Gurevich of Newmark Knight Frank represented the tenant. Peter Simel and Mr. Galin of Handler repped the landlord in-house.
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