March 31, 2022 10:00 AM
Newmark announces that Hunt Slonem has signed a 37,151-square-foot lease for the entirety of 595 11th Avenue, a unique single-tenant office building located in Manhattan’s Far West Side. Newmark’s Managing Director Nick Berger represented the asset owner, Marin Management, on the transaction.
“595 11th Avenue is a one-of-a-kind creative office building perfect for a renowned artist like Hunt Slonem,” said Berger. “The fact that he chose to relocate to this building from Brooklyn speaks to Manhattan’s continued ability to attract creative tenants.”
595 11th Avenue is a 3-story, 37,151-square-foot, single-tenant creative office building with additional usable basement and rooftop space. The building features trendy aesthetics, above-standard ceiling heights, oversized windows providing abundant natural light, skylights on the top floor and a unique central atrium and staircase leading up to a beautiful useable roof deck with 360-degree views. The building also offers unique signage and branding opportunities.
Hunt Slonem is a celebrated American painter, sculptor and printmaker, best known for his Neo-Expressionist paintings of butterflies, bunnies and tropical birds. Slonem regularly exhibits at both public and private venues, and his works are featured in important museum collections worldwide. The artist was seeking a new vision for his brand and 595 11th Avenue checked all the boxes, presenting a unique opportunity to have a full-building presence in a stunning, one-of-a-kind building. The brand will relocate from its previous office space at 14 53rd Street in Brooklyn.
According to Newmark Research, Midtown leasing velocity during the fourth quarter of 2021 totaled 5.5 million square feet, an increase of 15.7% from the third quarter. This marks the highest total since the fourth quarter of 2019. Activity was also just above the 10-year quarterly average of 5.5 million square feet, propelled by a few large renewals. Midtown average asking rents increased by 6.1% quarter-over-quarter to $82.79 per square foot, the highest level over the past five quarters.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
- Press Releases >
- Artist Hunt Slonem Signs Full-Building Lease on 1…
Artist Hunt Slonem Signs Full-Building Lease on 11th Ave
March 31, 2022 10:00 AM