Boutique Buildings with Pre-Built Spaces and Planned Renovations Bring Added Value and Drive Demand in Midtown South

ABS Partners Real Estate, a leading New York City-based real estate firm, today announced it has signed six new leases in Midtown South. The value and convenience of office buildings in this area – loosely defined as the area between Park Avenue South and 7th Avenue and 32nd and 40th Streets – is driving demand for full-floor spaces in well-maintained, well-managed buildings that offer pre-built suites.

“Our network gives us the resources to offer a variety of spaces in the sought-after Midtown South neighborhood with no signs of slowing down even as we meet this global healthcare crisis head on,” said Ronald Zimmerman of ABS Partners Real Estate. “ABS Partners is well-positioned to place a firm in just the right space to meet its day-to-day needs and we are known for providing impeccable service to tenants and/or their reps from start to finish. We also see Midtown South continuing on an upward trajectory as a highly desirable option for those seeking the perfect balance of form and function in an office space.”

The specialized duo of Ronald Zimmerman and Ian Weiss of ABS Partners Real Estate has micro-market expertise in Midtown South and recently closed the following deals across five ABS Partners exclusive buildings:

• Boom Shakalaka moved from an office at 530 Seventh Ave. to a full-floor, 5,500-square-foot space on the ninth floor at 260 Fifth Ave. The asking rent was $58 per square foot. Ronnie Zimmerman and Ian Weiss represented Boom Shakalaka and Michael Heaner at Kaufman represented building ownership.

• Unifor leased 5,000 square feet comprising the entire eight floor at 152 Madison Ave. The asking rent was $59 per squre foot. Ronnie Zimmerman and Ian Weiss represented the landlord, Heskells, while Newmark Knight Frank represented Unifor. Also available in this building is a 5,000-square-foot pre-built, ideal for attorneys, accountants and other professional services featuring up to 10 offices, conference room and pantry as well as plenty of natural light and storage.

• At 9 E. 37th Street MindGym subleased a 5,000-square-foot space to Epsilon Holdings Ltd. Ronnie Zimmerman And Ian Weiss represented MindGym, while Joe McLaughlin and Brian Wilson of Vestian represented Epsilon. Asking rent here was $55 per square foot. MindGym is expanded to a larger space at 475 Park Avenue South.

• Also at 9 E. 37th St., Colorado-based Continuum Media leased the entire 3rd floor, 5,000 square feet of space . Asking rent was $49 per square foot. Ronnie Zimmerman and Ian Weiss represented the Landlord, while Alex Leopold of Newmark Knight Frank, represented the tenant. Also available is 5,000 square feet, the entire second floor, asking $48 psf in move-in condition.

• At 19 W. 36th Street, Kenneth Jay Lane Jewelers leased 5,200 square feet of space on the entire 9th Floor. Planned capital improvements to the building – including a lobby renovation and mechanical upgrades – were attractive to the team at Kenneth Jay Lane jewelers. The asking rent was $44 per square foot and Boom Town Realty represented the tenant while Ronnie Zimmerman and Ian Weiss represented the building owner. There is also a well-appointed prebuilt available on the 8th floor, asking $44 per square foot.

• Site Safety signed a 10-year lease for 4,200 square feet at 49 West 38^th St. Ronnie Zimmerman and Ian Weiss represented the landlord. Savills represented the tenant. The asking was $46 per square foot and one white-boxed space is available in the building.

“The Midtown South submarket will continue to offer tremendous value,” continued Zimmerman. “Now, more than ever, tenants are demanding pre-built or well-built second generation spaces combined with landlords that can quickly modify-to-suit. The well-maintained, family-owned properties in this neighborhood also boast terrific locations convenient to transportation and as more redevelopment occurs, the scarcity and the value of these secondary buildings – many of which are 90 to 100 percent occupied -- will increase.”

About ABS Partners Real Estate

ABS Partners Real Estate is a leading New York City based real estate firm dedicated to building lasting real estate and professional partnerships. Our team maintains a focus in two areas: providing services which add value in leasing, investment sales, property management, construction management and advisory; and organizing opportunities for our clients to participate in the ownership of real estate.