Key Takeaways
- • CBRE completed two office leases totaling 104,750 square feet at 40 W. 57th St., a tower owned by LeFrak, according to the Connect CRE report.
- • Alternative investment manager 26 North signed an 84,000-square-foot, 13-year lease, relocating its operations from 600 Madison to four full floors.
- • Mack Real Estate Group committed to 20,750 square feet, moving from 60 Columbus Circle and taking part of the 17th floor.
- • The 17th-floor space was previously built out for A&E Real Estate, which is leasing another space in the building.
- • CBRE's Howard Fiddle said the tower's stable ownership, central location and ongoing capital improvements continue to attract premier tenants.
Summary
CBRE has completed two new office leases totaling 104,750 square feet at 40 West 57th Street, a Manhattan office tower owned by LeFrak, according to Connect Commercial Real Estate. The largest transaction is an 84,000-square-foot, 13-year lease signed by alternative investment management firm 26 North, which will consolidate its operations from 600 Madison Avenue onto four full floors of the building.
Mack Real Estate Group (Mack REG) committed to the remaining 20,750 square feet. The firm is relocating from 60 Columbus Circle and taking part of the 17th floor, space that had previously been built out for A&E Real Estate. A&E Real Estate is taking another space in the building, so the tower's leasing activity reflects both new occupancy and re-tenanting of existing build-outs.
The leasing team included LeFrak's Adam Silfen, Meredith Jackness and Stephanie Allan. CBRE was represented by Howard Fiddle, Evan Fiddle, Ben Joseph, Arkady Smolyansky and Sam Seiler. Jared Horowitz and Howard Hersch of Newmark represented 26 North, while Lance Korman of Savills and Brian and David Waterman of Newmark acted for Mack REG.
Howard Fiddle of CBRE attributed the leasing momentum to the building's characteristics: "Combined with LeFrak's stable ownership, a strategic location in one of the city's most desirable business districts, and ongoing capital improvements, 40 W. 57th St. continues to attract premier tenants seeking a best-in-class office experience." The article does not disclose lease economics such as rental rates or concessions.
Mack Real Estate Group (Mack REG) committed to the remaining 20,750 square feet. The firm is relocating from 60 Columbus Circle and taking part of the 17th floor, space that had previously been built out for A&E Real Estate. A&E Real Estate is taking another space in the building, so the tower's leasing activity reflects both new occupancy and re-tenanting of existing build-outs.
The leasing team included LeFrak's Adam Silfen, Meredith Jackness and Stephanie Allan. CBRE was represented by Howard Fiddle, Evan Fiddle, Ben Joseph, Arkady Smolyansky and Sam Seiler. Jared Horowitz and Howard Hersch of Newmark represented 26 North, while Lance Korman of Savills and Brian and David Waterman of Newmark acted for Mack REG.
Howard Fiddle of CBRE attributed the leasing momentum to the building's characteristics: "Combined with LeFrak's stable ownership, a strategic location in one of the city's most desirable business districts, and ongoing capital improvements, 40 W. 57th St. continues to attract premier tenants seeking a best-in-class office experience." The article does not disclose lease economics such as rental rates or concessions.
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