February 14, 2023 9:00 AM
Newmark announces it has secured a new 6,139-square-foot office lease at LX57. LX57 is prominently located on the southeast corner of 57th Street and Lexington Avenue in the Midtown East submarket of Manhattan, New York. The tenant, Austin Lloyd LLC, a collector specializing in sourcing scarce coins and collectibles, signed a five year lease to occupy the entire 9th floor of the building. The property is owned by an affiliated partnership of AEW, East End Capital and ABS Partners. Newmark’s President of Tri-State David Falk, Managing Director Jonathan Franzel and Associate Director Dylan Weisman were the sole brokers on the transaction.
“Following significant capital improvements, including a new window system and renovated sleek interiors, LX57 has become increasingly attractive to office users,” said Franzel. “In addition to the asset’s new hospitality-focused design, the tenant gravitated towards the forward-thinking prebuilt space and the opportunity to occupy an entire floor of boutique space.”
LX57 is a 102,000-square-foot office building primely situated at the epicenter of Midtown Manhattan’s bustling work-live-play landscape. The asset recently underwent a substantial capital improvement program, including the exterior redesign by award-winning architecture firm Gensler that features a restored facade and new enlarged windows, a sleek new entry marquee, a lobby accented by boutique hotel-inspired finishes and renovated elevator cabs equipped with touchless technology. Most compelling is LX57 being conveniently located whether walking from the Upper East Side, taking the MTA Subway from downtown, biking or bussing crosstown, or driving in via FDR Drive from New York and Connecticut.
According to Newmark Research, after setting a three-year high for leasing velocity in Q3 of 2022, Manhattan’s Midtown office market closed the year at 22.2 million square feet. This marked the second consecutive year where activity increased–a 23.2% year-over-year improvement.
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 of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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