August 29, 2022 11:00 AM
Newmark has completed four leasing transactions totaling 21,337 square feet at 20 W 55th Street in Midtown. Newmark Vice Chairman William Cohen, Managing Director JD Cohen, Director Jarad Winter and Associate Ariel Harwood serve as exclusive leasing advisors for the property and represent the ownership, Skyline Development, on the transactions.
Originally built in 1985, 20 W 55th Street is a boutique-style office building totaling 104,000 square feet over 14 stories. The building recently underwent a capital improvement project with a completely renovated lobby and new elevators, HVAC and mechanicals. The building features 24/7 security.
“As generational owners, Skyline Development is focused on building quality spaces that cater to the needs of today’s office tenants,” said William Cohen. “This has enabled the building to retain existing tenants and attract new ones. It remains a prime value play for any tenant in the Penn Plaza area.”
The four recent leasing transactions total 21,337 square feet and include:
- Auerbach Grayson leased 6,579 square feet on the entire fourth floor. The tenant was represented by Joseph Harkins and Georgio Versea of Cushman & Wakefield.
- Calex Partners signed a new lease for 3,717 square feet on the second floor. The tenant was self-represented.
- Rehs Galleries signed a new lease for 6,579 square feet on the property’s fifth floor relocating from 5 E 57th Street. The tenant was represented by Woody King, Alan Freidman and Richard Plehn of Lee & Associates.
- SOS Capital leased 4,462 square feet at the penthouse space with a terrace. The tenant was previously located at 1330 6th Avenue and was represented by Ben Blumenthal and Ashlynn Fletcher of Noah & Co.
Located on W 55th Street between 5th and 6th
Avenues, 20 W 55th Street is just four blocks from Central Park and is also proximate to Rockefeller Center and Times Square as well as numerous shopping and dining amenities. The building is within three blocks of two subway stations, providing access to the E, F and M lines.
Midtown office leasing velocity rose 33.1% year-over-year to total 5.4 million square feet but fell 4.1% from the prior quarter, according to Newmark Research. The market was far more resilient than Midtown South and Downtown, where activity posted a quarterly decline of 38.9% and 14.9%, respectively. Activity was driven by several large deals, primarily signed in Class A new construction. Notably, 82.0% of the space leased in Midtown during the second quarter of 2022 was in Class A products, with Class A velocity surging 50.3% year-over-year.
About Newmark
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 6,500 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.