The engineering and architectural software company Vitech Corporation has renewed a 10-year lease and bumped up its footprint to 42,200 square feet at Meringoff Properties’ 401 Park Avenue South, Real Estate Weekly reported. Asking rents at the 12-story, 252,000-square-foot property, at the southeast corner of East 28th Street, range between $53 and $60 per square foot.
Vitech was represented by Dennis Someck of Lee & Associates. Meringoff Properties’ Mark Stein, a senior vice president, and Jason Vacker, a vice president, handled the deal for the landlord.
“We are thrilled to be able to retain a quality tenant like Vitech at 401 PAS,” Stephen Meringoff, the firm’s principal, said.
Popular among tech tenants, Midtown South saw an average rent increase of 10.7 percent to roughly $51 per square foot year-over-year in January. [REW] –Christopher Cameron