Office Space Users Now Comprise More Than 70% of Tenant Roster
Savitt Partners announced today that three new TAMI tenants have committed to leases at 530 Seventh Avenue, the Fashion District’s main hub for office, technology and creative media tenants. The 490,000-square-foot Midtown Manhattan office property today boasts a 70% office tenancy, a massive increase when compared to just five years ago when its tenant roster consisted of nearly 95% fashion-related companies. The Savitt Partners team of Brian Neugeboren and Nicole Goetz negotiated the new office transactions at the property on behalf of the ownership.
“530 Seventh Avenue continues to attract office tenants due to its ideal combination of a superior location and first-rate package of amenities, including the unique opportunity to entertain at the Skylark Rooftop lounge and utilize the state-of-the-art conference rooms at Space 530,” said Ms. Goetz.
Among the newest tenants taking office space at the property will be Tubi, the largest premium, ad-supported video on demand service launched in Australia in August and coming to the US market shortly. A competitor with Netflix and Hulu, Tubi will occupy 2,200 square feet of office space for its US headquarters on the 28th floor of the property.
In addition, Delta Connects, an engineering IT firm providing lighting controls, HVAC mechanicals, networking and wireless options and integration inked a 1,700-square-foot lease. The firm will relocate its operations from co-working space in the Penn Station market to a state-of-the-art built space with meeting room, private office and kitchen pantry.
Finally, fantasy sports platform Boom Fantasy committed to 1,700-square-foot direct lease for office space. One of the leading innovators in the industry, becoming the first major fantasy sports company to launch pick'em contests, progressive jackpots, in-game betting, and specialized offerings, like a fantasy contest for the Nathan's 4th of July Hot Dog Eating Contest, Boom Fantasy previously occupied space at 530 Seventh Avenue via a sublease.
Built in 1930, 530 Seventh Avenue has been updated with wood and concrete floors and soaring loft-like ceilings, featuring some of the most spectacular views of the city. The property is also home to The Skylark, a classically styled cocktail lounge for entertaining, and Space 530, the full service co-working environment for innovative brands and creative companies seeking unique office and showroom space, offering a range of flexible options - members enjoy a place to co-work, network and build their business. The building is Wired Certified Platinum. A Wired Certified building offers tenants choice of multiple high-speed broadband providers and features an innovative and cutting-edge telecommunications system.
About Savitt Partners
Savitt Partners is a full-service commercial real estate company headquartered in New York City. Founded by Bob Savitt, the firm owns and/or operates a portfolio totaling nearly three million square feet of office and showroom buildings in Manhattan, including 530 Seventh Avenue, 499 Seventh Avenue, 11 West 19th Street, 218 West 40th Street, 693 Fifth Avenue, 1385 Broadway and 525 Seventh Avenue. In addition to overseeing the leasing and management of its own assets, the firm provides superior leasing, asset and property management and investment services to other quality owners and tenants.
