Stonehenge expanding, moving

New York /
Mar.March 31, 2008 02:32 PM

The New York City-based Real Estate Company Is Moving Its Offices From Ritz Plaza, a company-owned West 48th Street residential building, to a Vornado Realty Trust commercial building at 888 Seventh Avenue and West 56th Street.
“We’re growing,” said Ofer Yardeni, company co-founder. “We need more space.” And, he added, “It’s very difficult to create more space.”

Yardeni said that he would sign a lease today for 15,744 square feet at the Seventh Avenue building. The rent is more than $80 per square foot, he said.

In January, Principal Financial Group paid over $100 per foot to lease 19,000 square feet on the building’s 25th floor, the Observer reported.

Stonehenge’s new space is more than double the size of its offices at The Ritz Plaza at 235 West 48th Street near Seventh Avenue, where it has been headquartered since 1996. The company, which has assets valued at over $2 billion, was founded in 1994.

Yardeni said the firm owns office buildings, but had no space for itself in any of them.

Work is slated to start on the third-floor space at 888 Seventh Avenue in a couple months and Yardeni said he hopes his company can move in July or August. Tenants at the building include Red Eye Grill and the Brooklyn Diner.

“It’s a great building,” Yardeni said. “The floor plate is very good for us. We love the location.”


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