Rosen Equities has signed a 10,035-square-foot lease at The Bricken Arcade, its 149,000-square-foot office building in Manhattan’s Garment District.
Junior Achievement of New York, a local affiliate of Junior Achievement USA, will occupy the entire second floor of the 18-story property.
CBRE represented the tenant while Olmstead Properties worked on behalf of the landlord as exclusive leasing agent.
The non-profit organization will use the space as a learning center. BKSK Architects, Michael Stuart Design and C&C Button Inc. are also among the property’s tenants, according to CommercialEdge.
Located at 230 W. 38th St., The Bricken Arcade was completed in 1928. The mid-rise office building includes five passenger elevators, floorplates ranging from 6,500 square feet to 11,000 square feet, as well as 17,557 square feet of retail space, the same source indicates.
Completed in 2016, the property’s last renovation featured upgraded elevators and restrooms, a redesigned common-area lobby, new windows and a new heating plant. New services were also added, including an on-site building manager and cardkey after-hours access.
The Bricken Arcade is close to the Penn Station and to multiple subway stops while being 3 miles from Lower Manhattan, 6 miles from Financial District and within 16 miles of John F. Kennedy International Airport. CBRE’s Paul Walker worked on behalf of Junior Achievement of New York, while Olmstead Properties’ Daniel Breiman represented the ownership.
Manhattan’s office vacancy sees slight improvement
Office vacancy rates continue to climb in the country, with the national rate clocking in at 19.5 percent in September, representing a year-over-year increase of 170 basis points, according to a recent CommercialEdge office report. Manhattan remained the most expensive office market in the U.S., with asking rents averaging $67.93 per square foot, while office vacancy, despite national trends, saw a 90 basis points year-over-year decrease.
Recent deals in Manhattan include SL Green Realty Corp.’s 72,515-square-foot long-term lease at 245 Park Ave. The tenant is Verition Group NY, which almost doubled its footprint at the 1.7 million-square-foot office tower. Another recent deal is law firm Hecker Fink LLP’s 26,782-square-foot commitment at the Empire State Building. The transaction expanded the firm’s footprint at the iconic Midtown Manhattan skyscraper to a total of 53,779 square feet.