A Fresh Take on CRE

NYC Weekly Comp Digest: 114 Fifth Ave., 641 Lexington Ave., 540 Madison Ave.




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

WeissComm Group Relocates from Midtown South to Downtown

WeissComm Group (WCG) will relocate from an 18,000 SQFT sublease at 114 Fifth Avenue to over 35,000 SQFT at 199 Water Street, leased directly from Jack Resnick & Sons. The new lease on Water Street is in the low $40s PSF, a slight hike in rent compared with the mid $30s PSF at 114 Fifth Avenue. L&L recently bought 114 Fifth Avenue and plans to renovate the property, hoping to replicate its success at 200 Fifth Avenue, where recent leases signed for over $80 PSF in rent.

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New Tenant at 641 Lex Pays 20% More

The Development Corporation for Israel recently signed a lease for 25,000 SQFT on the ninth floor of 641 Lexington Avenue. The broker-dealer of Israel bonds will pay rent in the high $40s PSF for the space. The former tenant, WilmerHale, only paid around $40 PSF for the space, before relocating to 7 WTC.

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Value Sublease at the Top of 540 Madison

Gale International recently signed a sublease for the 38th and 39th floors of 540 Madison Avenue. Gale will be paying rent in the mid $60s PSF, which is about half of what Vedanta agreed to pay for the 7,750 SQFT space back in 2007. In comparison, recent direct leases in the building are starting in the $70s PSF for the lower floors.

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