NEW YORK CITY – Colliershas arranged a 15-year lease at 469 Seventh Avenue, with the City of New York leasing 66,800 square feet in the building as part of a large relocation. The multiple-floor footprint will serve as administrative offices and meeting rooms for the New York City Police Department’s Manhattan South Traffic Enforcement division.
The City of New York will occupy part of the ground floor — including a private entrance and elevators — as well as the entire second, third, and fourth floors, and space on the sixth floor. The city agency is expected to move into its new quarters in January of 2014, pending build-out of the space.
“The City of New York was drawn to 469 Seventh Avenue in particular because of its proximity to Penn Station, and its ‘building-within-a-building’ option,” said Eric Meyer, a Principal with Colliers International Tri-State, who along with fellow Principal Marty Meyer arranged the lease on behalf of the building ownership. “The ability for the Manhattan South Traffic Enforcement division to have its own, private operations within a larger setting was a significant factor.”
Only a few dozen Manhattan address provide such an amenity, allowing a single tenant who leases multiple contiguous floors to secure a separate building entrance, a separate lobby, and private elevators.
The 267,000-square-foot 469 Seventh Avenue is set at the southeast corner of West 36th Street, with convenient access to transportation, including Penn Station and the Port Authority Bus Terminal. Additional tenants in the building include small accounting firms, advertising agencies, and the Metropolitan Transit Authority.
The building is owned by Eric and Marty Meyer, and Dan Shavolian, of Foremost Real Estate.
Keith Cody, John Morrill, and Doug Holowink, of CBRE Group, represented the City of New York in the transaction.
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