Five new office leases totalling 19,191 square feet have been signed in a Midtown building, three blocks south of Bryant Park, according to information from Commercial Observer.
CRC Insurance Group, one of North America's largest wholesale distributors of specialty insurance, secured the largest space at Blake Partners' 39 West 37th Street. The company finalised a lease for 6,261 square feet, covering the entire ninth floor of the building, situated between Fifth Avenue and the Avenue of the Americas. This was confirmed by the landlord's broker, Noah & Company. Rents in the building are USD 45 per square foot; the lease terms were not disclosed. The deal with CRC Insurance suggests a potential relocation for the company from 80 Broad Street in the Financial District.
Strategy and Property Attributes Attract Tenants
Benjamin Blumenthal, founder of Noah & Company, commented on the recent successes: "Successful lettings begin long before a tenant crosses the threshold. It starts with understanding how a building should compete in today's market. At 39 West 37th Street, we recognised exceptional fundamentals – efficient floor plates, abundant natural light, excellent accessibility, and a boutique identity. Our role was to help the owner develop a strategy around these strengths and communicate that story to the market." Gregory Dunne of Lincoln Property Company represented CRC Insurance in this deal.
Other significant lettings include Playpacked, a rare Pokémon card dealer, which also occupied 6,261 square feet on the entire third floor of the property and was represented by Max Krantz of Norman Bobrow & Company. Leading Edge Administrators, a third-party healthcare benefits administration firm, leased 2,914 square feet on the 12th floor. Solomon Rusk of Noah & Company represented Leading Edge. Fradkin & McAlpin Architects relocated within the building from the 18th to the 14th floor, taking 2,000 square feet. Finally, Ember Realty signed a lease for 1,755 square feet on the 10th floor and was represented by Ralph Chattah of Noah & Company. This deal could represent Ember's first office presence in New York City.
Capital Investment as Foundation for Success
This flurry of lettings, occurring over a two-week period, is a positive signal for Blake Partners. The company had only acquired the building in January for USD 26.5 million from Walter & Samuels and had initiated a comprehensive capital investment programme. This included the renovation of the lobby and facade, as well as the modernisation of building systems. Elias Marcovici, Principal of Blake Partners, stated: "Our goal was never to reinvent the building, but to build upon its strengths through thoughtful capital expenditure, a responsive owner, and a long-term perspective."
- —CRC Insurance Group: 6,261 sq ft, 9th Floor
- —Playpacked: 6,261 sq ft, 3rd Floor
- —Leading Edge Administrators: 2,914 sq ft, 12th Floor
- —Fradkin & McAlpin Architects: 2,000 sq ft, 14th Floor
- —Ember Realty: 1,755 sq ft, 10th Floor
