RWS and Associates Entertainment, a production company that tours the world, signed a long term lease for 32,000 square feet in Long Island City.
The four-story building at 34-01 38th Avenue is 218,000 square feet and four stories.
The deal, in aggregate, is more than $10 million for 12 years, said Jeffrey Rosenblatt who brokered the deal on behalf of NGFK for the tenant.
The asking price was between $20 and $30 per square foot, Rosenblatt said.
Rosenblatt, currently executive managing director at Coldwell Banker Commercial Alliance, added that the Long Island City location was appealing because of its proximity to Midtown Manhattan and relatively affordable rent.
The size of the space – the production company will have a permanent studio and rehearsal space on the ground floor and offices on the third floor of the building was also part of the decision to relocate to Queens, Rosenblatt said.
The area – where Kaufman Studios are also located – is gaining in popularity, Rosenblatt said. He said he looked at large spaces in Brooklyn, but “they were too far out. This felt right.”
Joseph P. Day Realty Corporation – which is both the owner and the agent in this deal – wasn’t immediately available to provide a comment on the deal.
RWS is moving its offices from 1560 Broadway and had been leasing studio space across the city.
Renovations are currently underway on the building’s lobby. RWS is expected to move into their new home – and put signage of its name on the façade of the building – at the end of the year, Rosenblatt said.