The Kaufman Organization has secured two top floor leases, both with the added option of installing private roof decks, totaling 5,418 s/f, at 19 West 24th Street (19W24) and 5,909 s/f at 15 West 27th Street (15W27).
As tenants of Kaufman’s Madison Square Portfolio, Samuelsohn Limited and Fernando Romero Enterprise (FR-EE) add to the portfolio’s roster of tenants which includes Anheuser-Busch and AlleyNYC.
The seven-year leases reflect a leading range of rents for Class B office spaces in side street buildings in Midtown South, with asking rents in the mid-$70’s psf range for the transactions.
“As a result of the Kaufman Organization’s strategic rebranding efforts of the Madison Square Portfolio, we have seen robust interest for our office spaces from a diverse group of companies. Midtown South is still the most desirable neighborhood for forward thinking firms and the Madison Square Portfolio has become a destination for the creative class,” said Grant Greenspan, principal of the Kaufman Organization.
“Kaufman received multiple offers and the resulting, top floor deals signed with Samuelsohn and FR-EE reflect the success of Kaufman’s vision for the portfolio’s transformation into imaginative spaces designed to support companies that are attracted to the NoMad and Flatiron districts.”
Along with Greenspan, Kaufman’s Michael Heaner, partner and Elliot Warren, associate broker secured the transactions on behalf of Kaufman and landlords, Principal Real Estate Investors in partnership with the Kaufman Organization.
The Samuelsohn transaction is the fourth office lease at 19W24; Kaufman expects the building to be over 50 percent leased by end of 2015.
FR-EE is the first office lease signed at 15W27; Kaufman anticipates attracting a mix of creative, tech, new media and financial companies as tenants.
Samuelsohn is relocating to a full-floor top floor space on the 12th floor at 19W24. Samuelsohn was represented by John Brod of ABS Partners Real Estate.
FR-EE, a global architecture and design firm founded by architect Fernando Romero will be housed in a full-floor top floor space on the 11th floor at 15W27, and will be moving into the space in January 2016. FR-EE was represented by Brett Kaye of CBRE.
“Securing tenants like Samuelsohn and FR-EE reflect the success of our transformative efforts at the Madison Square portfolio – Kaufman repositioned four downtrodden properties into destinations that attract companies who are leaders within their respective fields,” said Heaner.
“Both leases showcase the unique firms we are aiming to bring to our buildings – booming companies that strive to enhance people’s quality of life through fashion, design and other creative efforts.”
Since acquiring the Madison Square Portfolio in April 2014, Kaufman has signed several notable leases for the portfolio, including Pondicheri, a Texas-based Indian restaurant that signed a ground floor 3,363 s/flease at for its first New York City outpost at 15W27, and Wilson Daniels Wholesale, a family-owned wine and spirit distributor that signed a 5,148 s/ffull-floor lease on the seventh floor at 19W24 which will serve as the company’s New York City headquarters.
Kaufman rebranding efforts included hosting a vertical gallery grand opening and solo exhibition for renowned contemporary artist, Skott Marsi in October 2015, who was commissioned to create 70 distinct pieces of art in the elevator shafts within the Madison Square Portfolio.
Along with the original artwork in the portfolio’s elevator shafts, the new properties feature interactive lobbies, updated loft-style office spaces and the installation of state-of-the-art telecommunications risers.
All four properties come equipped to meet the technology, broadband and security needs of its tenants; HID cards will be provided to provide tenants with secure access to their respective floors, smart meters will allow tenants to monitor energy consumption via their phone and receive alerts if there is an uptick in usage after-hours and BCM, a telecommunications provider, has been hired to ensure 24/7 access to high-speed broadband and redundant connectivity.
