Commercial property

GFP Real Estate signs 4 leases in Midtown Manhattan – Commercial Property Executive

505 Eighth Ave.

Four tenants have signed leases at 505 Eighth Ave. in Midtown Manhattan, totaling 12,450 square feet of office space. GFP Real Estate Senior Managing Director Allen Gurevich represented his company, the owner, in the transactions.

Greystone & Co. renewed its lease of 7,400 square feet on the third floor for an additional five years. The company made its first commitment at 505 Eighth Ave. in 2007 and will now occupy an improved space. This was a direct lease in which Gurevich also represented the tenant.

Construction Technology Laboratories signed a five-year lease for 2,300 square feet on the seventh floor. Senior Managing Director Stephen Sunderland of Optimal spaces represented the tenant.

RentQuest signed a three-year lease for 900 square feet on the 10th floor. The furniture and fixtures rental business will use the space for general and executive offices. GFP’s Senior Managing Director, Donna Vogel, represented the tenant.

In the fourth operation, Richmond Residential Needs Services renewed its lease of 1,850 square feet on the 12th floor for an additional five years. It was a direct lease in which the tenant signed directly with the landlord.

Despite a slow recovery, the Manhattan office market saw an increase in rental activity in the first half of 2022. At the end of the second quarter, the office vacancy rate in Manhattan stood at 14.1% .

The 1930 Hoover Building

Completed in 1930 and originally known as the Hoover Building, the 25-story, 275,000-square-foot building was renovated in 2011 and includes 7,000 square feet of retail space, according to data from CommercialEdge. The LEED Gold certified property has a 24/7 lobby, key card access and closed circuit cameras. Floor plates average 9,291 square feet. Other tenants in the building include TalentWorks, Wedgewood USA, AMI Partners and Excel Global Security, among others.

The office tower is located on the northwest corner of Eighth Avenue and 35th Street, one block from transportation options at Penn Station, NJ Transit Trains, LIRR and the Amtrack regional train. Tenants have access to restaurants, including Tailor Public House and Kitchen, located on the ground floor of the office building.