The Real Deal New York

Gulf states alliance inks sublease at 300 East 42nd Street

GCC taking full floor leased to the government of Saudi Arabia

December 30, 2015 12:20PM

300 East 42nd Street

300 East 42nd Street in Midtown East

The Cooperation Council for the Arab States of the Gulf, also known as GCC, is subleasing a full floor at a Midtown East office building from the government of Saudi Arabia.

GCC signed a three-year sublease for a full-floor, 16,000-square-foot space at 300 East 42nd Street, an 18-story, 221,000-square-foot office building near the United Nations. ULM Holding Corp. is the property’s landlord.

Asking rent for the sublease was $55 per square foot, according to the New York Observer, with Gil Robinov and Andrew Arvay of MHP Real Estate Services representing both parties.

The political and economic organization is comprised of Arab countries from the Persian Gulf and has non-member observer status at the UN. Saudi Arabia, one of the body’s member states, signed a five-year lease for the space at 300 East 42nd Street in 2013, but never moved in.

GCC has already moved into the space from its previous offices at One Dag Hammarskjold Plaza at 885 Second Avenue in Midtown East. [NYO]Rey Mashayekhi

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