Office Space News
NYC Office Suites Inks New Manhattan Office Space Deal
Published October 13th, 2009 by Jennifer LeClaire
The serviced office market in Manhattan is heating up. NYC Office Suites just inked a deal on a new 75,000-square-foot sublease at 1350 Avenue of the Americas. With this deal, NYC Office suites has bragging rights to the largest contiguous executive suite facility in Manhattan – and the company will be there for many years to come, signing a long-term lease with Harper Collins.
According to Sean Black, a vice president with Jones Lang LaSalle’s strategic occupancy solutions group in New York, NYC Office Suites pursued a counter-cyclical approach to its business by capitalizing on the correction occurring in the real estate market. It seems many serviced office companies are doing the same thing these days, leveraging the down economy to not only grow its client base, but also expand into new locations.
“Company executives have been considering opening another location in Manhattan for some time but instead chose to wait for the right market conditions to arise in order to pursue a true value-oriented transaction,” Black says. “After learning of the availability of three entire floors at 1350 Avenue of the Americas, NYC Office Suites took advantage of the opportunity to expand into a large Plaza District location at very competitive rates.”
A competitor to Jay Suites, NYC Office Suites will occupy the entire second, third and fourth floors at the Class A, 1350 Avenue of the Americas. The building is located between West 54th and West 55th streets. Of course, by its name you must have guessed that NYC Office Suites is no stranger to Manhattan. The company operates several locations in New York City in the Grand Central District and Plaza Districts of Midtown Manhattan.
“We plan to be targeting the rapidly growing financial advisory and asset management boutiques, as well as traditional consulting, marketing and technology firms,” says Daniel Entwistle, president of NYC Office Suites.
NYC Office Suites appears to be in the right building to attract that kind of clientele to rent its fully-equipped professional office space. Its neighboring tenants include Highbridge Capital Management, P. Schoenfeld Asset Management, Rothstein, Kass & Co. and Garrison Investments.
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Bill Brookshire October 13th, 2009 at 7:40 am
Lots of activity going on on the Manhattan office scene these days. It looks like executive suite companies are scooping up floors of buildings that were left vacant in the financial meltdown. I bet this isn’t the last of these kinds of deals. Of course, it does take some kind of financial wherewithal to make this happen. Congrats to NYC Office Suites for making it happen.
Elizabeth Sanchez October 13th, 2009 at 8:26 am
NYC Office Suites is brilliant. This location is going to draw the exact types of clients they are looking for. Looks like NYC Office Suites did plenty of due diligence on the location strategy for this serviced office facility. It will be interesting to see how the lease up goes, or even if they are doing pre-leasing on the executive suites before they actually open the doors to the new Manhattan office space.
Maggie Correta October 13th, 2009 at 8:39 am
I do imagine this is the same strategy all the growing players in the executive suites industry are adopting right now. They’ve been playing the waiting game looking for the bottom of the office market. Nobody really knows if it has hit bottom or not yet, but one thing is for sure — there are some deals to be had right now. Looks like NYC Office Suites just got one.
Marcus Hester October 13th, 2009 at 8:43 am
NYC Office Suites plan to target “rapidly growing financial advisory and asset management boutiques” is very strategic and this does look like the perfect location for executive suites for that crowd. They are going to have to do more than build the executive suites facility, though. I’m sure there are lots of others competing for this same target audience. They are going to have to do some marketing and public relations to reach the target and fill up the serviced office space.
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