For the second time in recent weeks, Tishman Speyer had a tenant renew at 11 West 42nd Street with a sweetener thrown into the mix.
Architecture firm Kohn Pedersen Fox renewed its lease at the building, the New York Post reported. The company added 38,000 square feet on the seventh floor, bringing its presence in the building to 100,000 square feet.
Luckily for KPF, the bills won’t come due on the expanded floor for some time, as the Post reported the firm is getting a rent-free year on the seventh floor. Rent for the total lease started in the low $60s per square foot.
The deal comes shortly after the developer made a similar arrangement with NYU at the same location. The university renewed its lease, signing on for more than 115,000 square feet, covering three floors for five years and six months.
While rents for the renewal started at $55.50 per square foot, the school was given a tenant-improvement allowance of $30 per square foot, along with six months of free rent. That cut down the net-effective rent to $46.18 per square foot.
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Elsewhere in the 32-story building neighboring Bryant Park, commercial lender CIT Group renewed approximately 150,000 square feet in March 2018 for 15 years. The company renewed its lease three years ahead of its scheduled expiration.
Tishman Speyer also recently scored a 75,000-square-foot lease from Turner Construction at The Spiral. The 13-year-lease involves the general contractor involved in building the project, set to open next year.
KPF is known for its prolific architecture work across the world. It has been involved in a number of projects in New York City, including One Vanderbilt, 55 Hudson Yards and the CUNY Advanced Science Research Centers.
[NYP] — Holden Walter-Warner