Real estate development, leasing and management company Thor Equities has recently signed a new tenant at its property at 25 West 39th St. in Manhattan. Luxury fashion label Halston has signed on to occupy 14,440 square feet–the entire fourth floor–within the 15-story office high-rise. Yardi Matrix data shows the lease start date to be the 1st of October 2017, expiring 10 years from now.
“We are pleased to welcome Halston to 25 West 39th Street, a magnificent office building with a storied history and ideal location in the heart of Midtown Manhattan,” Melissa Gliatta, Thor Equities COO, said in a statement.
25 West 29th St., Manhattan (Yardi Matrix)
The 173,340-square-foot Class B property was built in 1907 as the Engineering Societies’ Building, with the aid of a $1.5 million gift from Andrew Carnegie. Back then, the asset featured a 1,000-seat auditorium and one of the world’s largest engineering libraries–members included Thomas Edison and Nikola Tesla. The building was converted to office space in 1961.
25 West 39th St. is currently owned and managed by Thor Equities. The firm purchased the asset from The Chetrit Group back in 2006, for a price tag of $82.4 million, or $475 per square foot. In 2007, the building became subject to a $79 million CMBS loan originated by Morgan Stanley, set to mature in October 2017.
Previous owners also include Tommy Hilfiger and RGA Realty Management, while the current tenant roster features Thor Equities, Spark Labs, VF Corp. and Ralph Lauren, per Yardi Matrix data. The steel-frame Murray Hill building is conveniently located less than a mile from public transit options and boasts LEED Silver certification from the USGBC.
Arthur Mirante, John Ryan, III, Patrick Steffens and Michael Blue of Avison Young represented the landlord in the lease transaction, alongside Thor Equities’ Jonathan Scheinberg. Halston was represented by Scott Rosen of Akron Trotter Property Group.
