Cohen Capital and Solomon Acquisitions have concluded three new office leases totalling 10,266 square feet in their Garment District office building at 242 West 38th Street. These lettings signify brisk activity in the New York office market.
The largest of these agreements was signed by Rothera, a derivatives exchange and clearing house. The company will occupy 3,915 square feet on the eighth floor of the building. The exact term of the lease was not disclosed. The asking rent was US$45 per square foot, according to a source familiar with the transactions.
Other Prominent Tenants
Also moving into 242 West 38th Street is Bader Media, an end-to-end media production provider. This company has signed a lease for 3,651 square feet for space on the tenth floor of the building. The terms regarding the lease duration were not announced, but the asking rent for this space was US$43 per square foot. Bader Media will vacate its current location at 226 West 26th Street.
SDGi Architects has also found new premises at 242 West 38th Street. The architecture firm has concluded a lease for 2,700 square feet for the 15th floor, with an asking rent of US$49 per square foot. This relocation is from 200 West 41st Street.
Background to the Transactions
The landlords were represented in all three deals by JD Cohen and Ariel Harwood of Newmark. Rothera was advised by David Katz of CBRE. Bader Media was represented by Kyle Berlinsky of Colliers, while Newmark's Cohen and Harwood also assisted tenant SDGi Architects in this specific agreement.
Cohen Capital and Solomon Acquisitions acquired the 14-storey office building on West 38th Street earlier this year for US$9 million, according to property records. Other tenants in the property already include the music school New York Vocal Coaching and the Pilates studio 21 Pilates New York.
