American Realty’s 256 West 38th St. adds tech firm
American Realty Capital’s New York Recovery REIT has snagged a software company to lease the eighth floor of 256 West 38th Street.
Minnesota-based Amcom, which provides solutions for smart phone texting and public safety alerts, signed a 10.5-year deal for 8,620 square feet. Asking rent is in the low $40s per square foot, but Amcom paid in the upper $30s, the New York Observer reported, citing CompStak. Newmark Grubb Knight Frank broker Michael Frantz represented American Realty, while Cresa Partners’ Michael Plavin represented Amcom. Other tenants there include United Auto Workers, women’s clothing retailer Caché and telecom firm Insight Research.
After the former landlord East End landed Caché for a 10-year lease deal in early 2012, occupancy rose from 50 percent to 90 percent, as The Real Deal reported. East End sold the building late last year for $48.6 million. [NYO] — Mark Maurer