Newmark Grubb Knight Frank (NGKF) announced that it has been selected to represent The Center Building in Long Island City, N.Y. on an exclusive basis. NGKF Executive Managing Director Howard Kesseler and Director Jordan Gosin will represent ownership, a new joint venture led by Madison Marquette, which purchased the 450,000-square-foot, mixed-use commercial property at 33-00 Northern Boulevard in December 2012.
“The Center Building has an irreplaceable location and a blue-chip tenant base,” said Madison Marquette’s Ryan Colbert. “Howard and Jordan understand this dynamic neighborhood very well and we trust their ability to match our building with the proper mix of tenants. We are excited to have built such a great team around this wonderful property and look forward to showcasing it to new and potential tenants.”
Offering several attractive transportation alternatives, The Center Building sits literally above the M and R subway line stops and it is one block from the N and Q subway lines. The Center Building is a 10-minute commute from Midtown Manhattan and offers flexible space, presenting an attractive and convenient opportunity for tenants looking for alternatives to conventional office spaces offered in Manhattan. The building also qualifies for the Relocation Employee Assistance Program (REAP), a New York City tax incentive program.
“There is undeniable value given The Center Building’s location, space and amenities,” says Mr. Kesseler. “Its high ceilings, fiber optics and full REAP benefits are extremely appealing.”
Lobby upgrades are scheduled for the property, which already has seen $13 million in capital improvements since 2007, according to Mr. Gosin. There is 24-hour access, a direct meter to Con Edison, backup power, underground parking, as well as concierge and security services.
Immediate occupancy is available for the current vacancies: 38,801 square feet on a portion of the fifth floor and 10,000 square feet on a portion of the sixth floor. The rental rate is negotiable for terms between 10 and 15 years.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
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