The four-year deal is for 8,750 square feet, brokers told the Commercial Observer yesterday. Allure waited for a neighbor’s lease to expire so it could take the entire eighth floor of the 18-story building for combined office and showroom space.
The rent is “basically the same,” said David Levy of Adams & Co. Real Estate, who represented both the tenant and the landlord in the transaction. The tenant did not receive any incentives other than a new hardwood floor in the added space. The current office vacancy rate at 48 West 37th Street is zero, said Mr. Levy.
A major attraction for the frame-maker was the amount of natural light the building gets, but the ultimate selling point was the address’ position in pretty much dead center of the “transit triangle”—37th between Fifth and Sixth avenues is equidistant from the three largest transportation hubs in New York City: Port Authority bus terminal, Penn station and Grand Central.
The building houses seven architecture firms as well as ASI System Integration, an information technology company, and MBI Group, a construction management firm.
Asking rent was $37. Mr. Levy was joined by Joseph Friedman, also of Adams & Co., in representation of both landlord and tenant.