Having previously secured the long-term renewal of Mueser Rutledge Consulting Engineers at 14 Penn Plaza, owner Circle Realty Group is not showing any signs of a slowdown as it managed to seal eight new lease deals in the last four weeks at its Midtown office property.
The largest of these was a 15-year deal with law firm Capell Barnett Matalon & Schoenfeld. The asking price at 14 Penn Plaza is $60 per square foot. Newmark’s Richard Kramer brokered the deal on behalf of the tenant.
The firm will occupy 15,000 square feet at 14 Penn Plaza after vacating its current offices at 1385 Broadway.
Another recent deal involved VMware — a division of Broadcom Software — which inked a 10,000-square-foot lease. The software company will be moving its operations from 636 Avenue of the Americas. JLL’s Peter Michailidis and Daniel Posy represented VMare.
Other new tenants include: law firm Garganigo Goldsmith & Weiss, which renewed its lease for 12 years and upgraded from 3,700 square feet to 6,000 square feet; Metropolitan Foot & Ankle Group, which signed a 1,356-square-foot lease; law firm Sun & Ren, which nabbed 2,098 square feet; RMR Wealth Management, which took 1,500 square feet; Liu, Chen & Hoffman, which is relocating from 1 Penn Plaza with a 1,500-square-foot deal; and Empire Hospitality, which also grabbed 1,500 square feet
“The good news is that there’s life there,” said Jay Futersak, president of Circle Realty. “We’re catering to the full-service, smaller firms that aren’t looking for full floors. We’ll take [larger tenants], but we’re seeing absorption.”
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