A Fresh Take on CRE

NY Weekly Comp Digest: Financial Firm Relocates from Midtown South to Midtown, Subleases Galore in the GM Building

Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.

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Financial Firm Relocates from Midtown South to Midtown

Pragma Securities leased 12,500 SF on the 12th floor of 1370 Broadway, as was reported in the Commercial Observer using CompStak data. The firm will pay rent in the high-$40s PSF after a long period of free rent. The term of the lease is ten years. Last month, Intradeco Apparel leased the entire seventh floor of the building for starting rent in the mid-$40s PSF.



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Flat Rents on Lexington Avenue

Lind Partners renewed its lease of just under 3,100 SF on the 19th floor of 370 Lexington Avenue. The rent in the two and a half year term will be in the high-$40s PSF, which is very similar to what the firm has been paying in its previous lease. Lind Partners is a spin-off of SpringTree Global, which leased the space in 2011 for starting rent in the mid-$40s PSF. The increase in rent for this specific suite since 2011 is less than 6%, while rents in the Grand Central submarket increased by about 15% in the same timeframe.



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Subleases Galore in the GM Building

Continental Grain will sublease the 15th floor from General Motors in its namesake building at 767 Fifth Avenue. The rent will be in the mid-$80s PSF, which is slightly higher than what Reservoir Capital agreed to pay to GM for the 16th floor a few months ago. Another sublease in the building was recently signed by Dubin & Company, which will be paying the sublandlord, IMG, over $130 PSF in starting rent for the 10,885 SF space on the 45th floor.