March 7, 2023 9:00 AM
Newmark announces that the firm has secured a 54,602-square-foot lease expansion on behalf of a joint venture between Atlas Capital Group (“Atlas Capital”), Partners Group, a leading global private markers firm, acting on behalf of its clients, and Invesco Real Estate, a global real estate investment manager, for Ralph Lauren to occupy the partial eight floor of The Factory in Long Island City. Newmark’s Executive Vice Chairman Brian Waterman, Vice Chairman Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum represented the landlord on the transaction.
This lease expansion marks a significant milestone for the 1,000,000-square-foot asset, bringing it to 94% leased. The remaining inventory at The Factory comprises prebuilt spaces and the 42,000-square-foot penthouse.
“This transaction represents the continued strength of The Factory, and more specifically, the desire for best-in-class tenants like Ralph Lauren to choose quality well-amenitized work environments,” said Waterman. “We are proud that this latest expansion has helped the building achieve over 90% leased.”
As one of Long Island City’s most desirable workspaces, The Factory serves as an epicenter for cultivating the growth of forward-thinking companies. After undergoing a historically sensitive renovation to create its current layout, The Factory offers large, flexible floor plates and work-ready lofts boasting unprecedented city views. With more than 40,000 square feet of best-in-class amenities, tenants gain access to a newly designed lounge, a food marketplace with five eateries, a breakroom, a 24-hour concierge, an on-site parking garage, bike storage, a shuttle service, The Factory Athletic Club and the LIC Arts Gallery.
The Factory offers quick and easy access to Manhattan, Brooklyn and Queens, and is situated in one of New York’s most sought-after neighborhoods. The property attracts pioneering firms looking for an emerging commerce district in an area with museums, non-profits, and parks dedicated to the arts.
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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