The Real Deal New York

Eastern Consolidated’s HQ space is up now up for grabs

Rudin Management begins marketing space at 355 Lex
By Mark Maurer | June 20, 2018 11:20AM

Bill Rudin, Peter Hauspurg, Daun Paris, and 355 Lexington Avenue (Credit: REBNY and Google Maps)

Less than a week after Eastern Consolidated announced it would be shutting down, Rudin Management has begun the hunt to replace the commercial brokerage’s headquarters with a new tenant.

The landlord has placed the roughly 20,000 square feet across the full 11th floor and part of the 10th floor at 355 Lexington Avenue on the market for lease, according to CoStar data and sources. The asking rent is $59 per square foot.

Related: How Eastern went south:
Inside the commercial brokerage’s demise

Eastern’s founders Peter Hauspurg and Daun Paris decided late last week to close the company after 37 years. The company’s sole office space will shutter at the end of July, thus ending its lease prematurely. Sources familiar with leasing at the building said the lease likely included a good-guy guarantee, which limits a tenant’s liability in the event of an early termination.

In the early 2000s, the firm relocated from the Chanin Building on 42nd Street to 355 Lexington Avenue, occupying 15,000 square feet on the 11th floor. Eastern renewed its 10-year lease in 2011 and, in 2014, expanded by 4,000 square feet on the fifth floor. Last year, it shifted that additional space to the 10th floor instead. It is not clear when Eastern’s lease was set to expire, given that it had renewed just last year.

Rudin’s Robert Steinman will market the space in-house. A spokesperson for Rudin did not respond to requests for comment, and Eastern declined to comment.

The 22-story, 250,000-square-foot property, located at the corner of East 40th Street, is also home to Wealth Advisory Group, Travelex Currency Services and the nonprofits NADAP and the Central Conference of American Rabbis.

Also on the market are Eastern’s roughly 100 brokers, including top dealmakers such as Brian Ezratty, Robin Abrams and Adam Hakim. The brokerage specializes in mid-market investment sales, retail leasing and financing.