Oct. 26, 2012
-- Lee & Associates NYC (Lee NYC), the New York office of Lee & Associates Commercial Real Estate Services, a privately-held national commercial real estate firm, today announced it subleased the remaining 2,500-square-
foot block of a 12,500-square-
foot floor at 311 West 43rd Street to Verse Marketing, a web marketing group, on behalf of Cooper, Robertson & Partners, an architecture and urban planning company founded in 1979. Gabe Issacs, managing director, and Frank Discolo, associate, of Lee NYC conducted the transaction. Andrew Weinstein of Cushman & Wakefield represented Verse Marketing.
foot block of space Lee NYC subleased for the architects and urban planners last year was taken by new-tech and new-media companies. “Cooper Robertson called us back for the remaining portion of the sublease because they were pleased with how smoothly the previous transactions went,” notes Gabe Isaacs.
The building at 311 West 43rd Street has high ceilings and lots of light. Cooper Robertson designed the space and it has the look and feel of a creative environment, with poured concrete floors and exposed ducts, and a large open floor plan that supports interactive endeavors. “Our main challenge was to attract the kinds of companies that wanted to be in Midtown South—but can’t afford it—and match them to the kind of space they were looking for there. Once they saw the space at 311 they were convinced they could be just as hip in Times Square—and save $15,000 a year in rent,” says Frank Discolo.
When asked if Times Square might become the overflow for Midtown South, Mr. Isaacs notes, “Not really. Times Square is drastically different from Midtown South. But the rents in Midtown South are drastically different from the rents in Times Square for comparable space. Both our client—Cooper Robertson—and the tenants we found—were after value. That’s what we added—and why Cooper Robertson called us back for its subsequent transaction.”
About Lee & Associates NYC
Lee & Associates NYC (Lee NYC) is the New York office of Lee & Associates. Lee NYC provides the full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. It has over 40 real estate professionals in its 600 Madison Avenue headquarters office. For more information, please contact: Elizabeth Haukaas at 212 776 1268 or ehaukaas@lee-
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at http://www.lee-associates.com