State renews 72,000 square feet in Harlem office building

New York /
Jan.January 20, 2010 10:37 AM
New York State has taken space at 215 West 125th Street, a building owned by Arthur Stern’s Cogswell Realty (building photo source: PropertyShark)

New York State renewed two large office leases for a total of 71,751 square feet in Harlem, taking advantage of a weak market to renegotiate and extend the terms.

The state’s Workers’ Compensation Board renewed 45,205 square feet on the fourth and fifth floors of 215 West 125th Street and the state’s Department of Labor took 26,546 square feet on the fourth floor of the same building, Arthur Stern, CEO of building owner Cogswell Realty, said.

The six-story, 170,841-square-foot Building Near Adam Clayton Powell Boulevard was built in 1971, according to data from PropertyShark.com.

The landlord provided a rent reduction in exchange for re-signing the leases — initially set to expire in a year and a half — for another 10 years, a source close to the deal said.

Both leases were renewals for 10 years and were finalized last week, with an asking rent of $36 per square foot, Stern said.

“We were delighted that we were able to accommodate the State of New York in restructuring their existing lease, and extending the term,” he said.

Both leases were direct deals with the state, with Cogswell represented by Stern and partner Ross Jacobs.

Cogswell has done a lot of work with the state, recently brokering the renewal of 480,708 square feet of leases Downtown at 60 Broad Street at Beaver Street for five New York state agencies.

The rent reductions were part of an effort by the state to cut rent payments.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Gov. Andrew Cuomo (Getty, iStock)

Cuomo to ease requirements for rent relief

Cuomo to ease requirements for rent relief
From left: Compass CEO Robert Reffkin, 1 Wall Street and Macklowe Properties chairman Harry Macklowe (Getty; Macklowe Properties)

Macklowe taps Compass to sell 1 Wall Street

Macklowe taps Compass to sell 1 Wall Street
Gov. Andrew Cuomo (Getty)

Cuomo stops city’s tax lien sale again. Will it ever happen?

Cuomo stops city’s tax lien sale again. Will it ever happen?
Jonathan Kalikow and a rendering of 3 Sutton Place

Court overturns ruling that would have upended “the whole land development industry”

Court overturns ruling that would have upended “the whole land development industry”
Authentic Brands CEO Jamie Salter with 611 Fifth Avenue (Getty; Google Maps)

Barneys to make a comeback

Barneys to make a comeback
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...