July 29, 2022 9:00 AM
Newmark announces it has completed a 20,000-square-foot office lease with upscale luggage retailer TUMI at 16 East 34th Street in Midtown Manhattan. Newmark Executive Managing Director Matthew Leon, Senior Managing Director Stephen Gordon and Associate Director Nathan Kropp serve as exclusive leasing advisors for the property and represented the building ownership, Wohio Holdings, on the transaction.
16 East 34th Street is a 22-story, 372,000-square-foot office building featuring bright spaces with three plus sides of light and an unparalleled tenant amenity roof deck. During the pandemic, the owner made a significant investment to upgrade the property, including a new retail façade and entrance, a new lobby and elevators, and a world-class tenant amenity roof deck. In addition to these improvements, the landlord is also prebuilding multiple full floors utilizing modern materials and finishes.
TUMI signed a long-term lease for the 20,000-square-foot penthouse duplex featuring a private terrace and access to the larger tenant amenity roof deck. The space will serve as TUMI’s showroom and offices for its New York City executives. The luxury goods retailer was represented by Jonathan Serko, Jonathan Schindler and Barry Garfinkle of Cushman & Wakefield.
Newly available at the property are two new pre-built floors measuring 19,115 and 18,014 rentable square feet, boasting the landlord’s standard high-quality finishes. In addition, floors 4-7 offer a contiguous block of 77,402 square feet that can be leased as individual floors of 19,355 square feet.
“This new lease with Tumi validates the Landlord’s vision and significant investment in the building that they have owned across generations,” said Gordon. “With two additional high-quality prebuilt suites available and the fantastic new tenant roof deck, we look forward to continued leasing momentum at this property.”
According to Newmark Research, Midtown leasing velocity totaled 5.5 million square feet during the first quarter of 2022, an increase of 47.5% from the first quarter of 2021. Eight leases of at least 100,000 square feet drove the bump in activity. Five of those large deals were relocations. Midtown average asking rents were stable, down just 0.3% from the fourth quarter of 2021 to register $82.55 per square foot during the first quarter.
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 $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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